U.S. Sen. John Thune (R-S.D.), a member of the tax-writing Senate Finance Committee, today reintroduced legislation to permanently repeal the federal estate tax, more commonly known as the death tax. Thune’s bill, the Death Tax Repeal Act of 2017, would finally end this purely punitive tax that has the potential to hit family farms, ranches, and businesses as the result of the owner’s death. U.S. Rep. Kristi Noem (R-S.D.) today introduced a companion version of Thune’s bill in the U.S. House of Representatives. A previous version of Thune’s bill was adopted as part of the non-binding fiscal year 2016 budget resolution.“As if the long arm of the IRS isn’t intrusive enough during life, too often the death tax punishes hard-working Americans even after they’ve passed away,” said Thune. “In an environment where it’s frequently too difficult and costly for family-owned farms to be passed from one generation to the next, we should be knocking down hurdles to find ways to incentivize families to retain these multi-generation businesses. Repealing the death tax would be a big step in the right direction. I’m committed to working as hard and as long as it takes to get rid of this onerous tax, and I’m glad so many of my colleagues are willing to take up this fight as well.”“I am proud to join Senator Thune in introducing the Death Tax Repeal Act, which will finally abolish this unfair tax, and I appreciate his leadership on this issue,” said Senate Majority Leader Mitch McConnell.Thune’s bill is supported by the American Farm Bureau Federation, Associated Builders and Contractors, National Association of Manufacturers, National Federation of Independent Business, Americans for Tax Reform, Club for Growth, National Black Chamber of Commerce, International Franchise Association, National Taxpayers Union, Family Business Coalition, the Family Business Estate Tax Coalition, and many others.Thune’s bill is cosponsored by U.S. Sens. Lamar Alexander (R-Tenn.), John Barrasso (R-Wyo.), Roy Blunt (R-Mo.), John Boozman (R-Ark.), Thad Cochran (R-Miss.), John Cornyn (R-Texas), Mike Crapo (R-Idaho), Ted Cruz (R-Texas), Steve Daines (R-Mont.), Mike Enzi (R-Wyo.), Joni Ernst (R-Iowa), Deb Fischer (R-Neb.), Cory Gardner (R-Colo.), Chuck Grassley (R-Iowa), Dean Heller (R-Nev.), John Hoeven (R-N.D.), Jim Inhofe (R-Okla.), Johnny Isakson (R-Ga.), Mike Lee (R-Utah), Mitch McConnell (R-Ky.), Jerry Moran (R-Kan.), Pat Roberts (R-Kan.), Mike Rounds (R-S.D.), Tim Scott (R-S.C.), Richard Shelby (R-Ala.), and Thom Tillis (R-N.C.).
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.