WASHINGTON, D.C. – Today, Congressman Mike Turner (OH-10) cosponsored the bipartisan Death Tax Repeal Act, legislation that would permanently repeal the estate tax and generation-skipping transfer taxes. The Death Tax Repeal Act was introduced by Congressman Randy Feenstra (IA-04) and has been cosponsored by 162 members of the House of Representatives.
“No one grieving the loss of a loved one should be forced to deal with additional tax liabilities from Washington,” said Congressman Mike Turner. “We cannot continue to impose punitive expenses on the American public, and this legislation would make certain that family-owned businesses and farms are not punished by misguided federal tax laws. Repealing the death tax will lay the groundwork for an economic environment that empowers everyone in this country to build wealth and pass the dignity of their hard work on to future generations.”
“The death tax represents double taxation at its worst. Iowa families grieving the loss of a loved one should not face an enormous tax bill from the federal government just to continue the family tradition of farming or keep their small business open and operational,” said Congressman Randy Feenstra. “I’m proud to lead 162 of my colleagues to permanently repeal the death tax, ensure that hardworking families, farmers, and small businesses keep more of their hard-earned money, and strengthen family-owned-and-operated enterprises in Iowa. By fully eliminating the death tax, we can keep China away from our farmland, allow family farms and small businesses to succeed, and encourage the next generation of Iowa farmers and business owners to plant their roots in rural Iowa, support our main streets, and contribute to our economy.”
Background:
The Death Tax Repeal Act would permanently repeal the estate tax and generation-skipping transfer taxes. Currently, family-owned businesses, farmers, and ranchers who experience the death of a loved have had that hardship exacerbated when the IRS sends a letter to inform them that they now have to pay a hefty tax.
This surprise tax often threatens the continued operations of the family business, compounding the burden of grief with the burden of financial insecurity.
Over 99 percent of the 2 million farms and ranches and over 95 percent of small businesses in our country are owned by individuals and families, and this legislation would enable these multigenerational businesses to continue to support their families without having to pay a devastating tax on the death of a family member.
Read the full text of the bill here.
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