Earlier today, Congressman Jodey Arrington (R-TX) and Congressman Henry Cuellar (D-TX) and Senator Tom Cotton (R-AR), on a bipartisan, bicameral basis, introduced the Estate Tax Rate Reduction Act of 2021 (H.R. 3178 and S 1627). This legislation would reduce the estate, gift and generation skipping tax rate to 20-percent, while maintaining step-up in basis.
This important piece of legislation would also reduce the burden that the estate tax places on family-owned businesses and their employees. The unofficial legislative text and a summary of the legislation are attached, along with PATG’s press release on the bill’s introduction.
Thanks to a study commissioned earlier this year by FEUSA, we know that family-owned businesses across the country employ 83.3 million people or 59 percent of the workforce. Family-owned businesses also generate 54-percent of the GDP or $7.7 trillion, and this legislation will help them to continue to do so.
Please join us in commending Representatives Arrington and Cuellar and Senator Cotton for taking the lead on this important issue.
Policy and Taxation Group is your voice in Washington on economic freedom. We advocate for policies that allow American families to fully enjoy the economic liberties and benefits of a robust free market unique to our nation. For over 25 years, we have been the loudest voice in the nation’s capital on eliminating the death tax. This ill-conceived tax has a destructive impact on families, family businesses, job creation, and the national economy.