Texas Insider Report: WASHINGTON D.C. U.S. Sens. Ted Cruz (R-Texas) John Thune (R-S.D.) and dozens of their Senate colleagues reintroduced legislation to permanently repeal the federal estate tax more commonly known as the death tax. The bill the Death Tax Repeal Act of 2019 would finally end this punitive tax that has hit family-run farms ranches and businesses as the result of the owners death.
The historic tax cuts passed by the GOP brought real relief for Americas working families" Sen. Cruz said. But more can be still be done. I have long called for the permanent repeal of the death tax. It is one of the most unfair aspects of the federal tax system. Far too often families are forced to sell their farms and ranches after the patriarch passes away just in order to pay Uncle Sam. Death should not be a taxable event and I am proud to join with my colleagues to ensure working men and women including Americas farmers ranchers and small business owners are able to flourish."
Although we made great progress during the Tax Cuts and Jobs Act negotiations the death tax still remains an onerous and unfair tax that punishes hard-working families" said Thune. Oftentimes family-owned farms and ranches bear the brunt of this tax which threatens families agricultural legacies and makes it difficult and costly to pass these businesses down to future generations. This way of life is integral to so many South Dakota families which is why I remain committed to removing roadblocks for these family businesses and we can start by repealing the death tax once and for all."
The bill is supported by the American Farm Bureau Federation the National Cattlemens Beef Association NFIB the Associated General Contractors of America the Family Business Estate Tax Coalition Policy and Taxation Group Americans for Tax Reform and many others.
The bill is cosponsored by Senate Majority Leader Mitch McConnell (R-Ky.) U.S. Sens. Chuck Grassley (R-Iowa) Lamar Alexander (R-Tenn.) John Barrasso (R-Wyo.) Marsha Blackburn (R-Tenn.) Roy Blunt (R-Mo.) John Boozman (R-Ark.) John Cornyn (R-Texas) Tom Cotton (R-Ark.) Kevin Cramer (R-N.D.) Mike Crapo (R-Idaho) Steve Daines (R-Mont.) Joni Ernst (R-Iowa) Deb Fischer (R-Neb.) Cory Gardner (R-Colo.) John Hoeven (R-N.D.) Cindy Hyde-Smith (R-Miss.) James Inhofe (R-Okla.) Johnny Isakson (R-Ga.) John Kennedy (R-La.) Jerry Moran (R-Kan.) David Perdue (R-Ga.) Jim Risch (R-Idaho) Pat Roberts (R-Kan.) Mike Rounds (R-S.D.) Marco Rubio (R- Fla.) and Todd Young (R- Ind.).
