Reps. Kristi Noem (R-SD) and Sanford Bishop (D-GA) today introduced the bipartisan Death Tax Repeal Act of 2017 to fully and permanently repeal the death tax. According to a Joint Economic Committee report, the death tax has removed more than $1.1 trillion in capital from the economy while motivating family businesses and others to reduce savings and limit growth.
“While we were still trying to pick up the pieces after my dad died in a farm accident, our family received a letter from the IRS. Because of a tragedy that undermined our sense of security, the death tax was now about to undermine our financial security,” said Rep. Noem. “No family should have to go through what ours did, so I’m committed to seeing this tragedy tax finally repealed.”
“I have always believed that the death tax is politically misguided, morally unjustified, and downright un-American,” said Rep. Bishop. “It undermines the life work and the life savings of farmers and jeopardizes small- and medium-sized businesses in Georgia and across the nation.”
Rep. Noem, a member of the House Ways and Means Committee, and her family were hit by the death tax after her father passed away in a tragic farming accident. Rep. Bishop has long led the charge to repeal the controversial tax in order to prevent farmers, in Georgia and nationwide, from losing their family farms or being forced to sell much needed land, buildings, or equipment.Sen. Thune led lawmakers in the U.S. Senate as well today in introducing companion legislation.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.