Senators John Kennedy of Louisiana and John Thune of South Dakota, along with dozens of other Republican senators, have introduced the Death Tax Repeal Act of 2023.
The act aims to permanently repeal the federal estate tax, commonly known as the “death tax,” a source of controversy for years.
The tax, considered a punitive measure potentially crippling multi-generational family businesses with its large tax burden upon the owner’s death. According to Kennedy, the death tax “is lethal to many of America’s family-run businesses and farms.” Thune believes agriculture is the backbone of South Dakota’s economy, and the tax makes it difficult and costly to pass these businesses down to future generations. The legislation has garnered support from various organizations, including the American Farm Bureau Federation, National Cattleman’s Beef Association, Policy and Taxation Group, National Federation of Independent Business, and National Association of Manufacturers, among others.
To learn more about this issue, click on the following links:
https://www.crapo.senate.gov/media/newsreleases/crapo-risch-join-bill-to-repeal-death-tax
https://www.thune.senate.gov/public/index.cfm/press-releases?ID=A4883EDE-065B-49BD-BAF2-6E08F11FE6A0
https://www.kennedy.senate.gov/public/press-releases?ID=81CF2C39-C667-4B21-863E-A127B1CB002C
https://www.idahopress.com/news/local/crapo-risch-join-bill-to-repeal-death-tax/article_1e40bcbe-d01b-11ed-8806-677129222c3c.html
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The need for fact-based reporting of issues important to multi generational businesses and protecting a lifetime of savings has never been greater. Now more than ever, multi generational businesses and family businesses are under fire. That’s why Policy and Taxation Group is passionately working to increase the awareness of issues important to generationally-owned family businesses built on hard work, while continuing to strengthen our presence on Capitol Hill. Those issues include Step Up in Basis, gift tax, Valuation Discounts, Capital Gains Tax, Income Tax Rates, Wealth Tax, & Estate Tax (death tax).
Policy and Taxation Group is the leading information, education and advocacy organization working for the reduction and ultimate elimination of estate tax, gift tax, and generation skipping transfer taxes, and other taxes that punish hard work and success. Our Mission is to challenge hostile tax policies that meaningfully and measurably impact families and limit the ability of family businesses to remain family owned. We work with Congress in Washington DC against high Income Tax Rates, possible elimination of Valuation Discounts, increase in Capital Gains Tax, enactment of a Wealth Tax, and the continued burden of the Estate Tax (death tax), and the possible elimination of Step up in Basis.
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