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.
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Since 1995, Policy and Taxation Group has been the leading advocacy group working to reduce and eliminate estate tax, gift tax, and generation skipping transfer tax while blocking increased income tax and capital gains taxes, the creation of a wealth tax, and other hostile tax policies that punish hardworking taxpayers and success.
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