HYDE-SMITH COSPONSORS PERMANENT “DEATH TAX” REPEAL BILL
Enacting Permanent Repeal Would Help Next Generation Keep Family Farms, Businesses Alive
WASHINGTON, D.C. – U.S. Senator Cindy Hyde-Smith (R-Miss.) today announced her support for legislation to repeal the federal estate tax or “death tax” permanently.
The Death Tax Repeal Act (S.205) would end collection of punitive taxes collected by the federal government from family-owned farms, ranches, and small businesses once their owners pass away.
“It is simply unfair for the Internal Revenue Service to lay claim to the bulk of a small business or farm when a death occurs. Federal tax policy should instead be geared toward helping the next generation keep these family-owned operations alive,” Hyde-Smith said.
“Passing this permanent repeal would build on President Trump’s historic tax reform, which took steps to ease the death tax,” she added.
The Tax Cuts and Jobs Act of 2017, signed into law in December 2017, doubled exemptions to the death tax, which provided immediate relief and greater certainty to many family-owned farms and businesses.
Authored by Senator John Thune (R-S.D.), the Death Tax Repeal Act is pending in the Senate Finance Committee.
S.205 is backed 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 other groups.
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