Republican senators introduce bill to repeal estate tax
Senate Majority Leader Mitch McConnell, R-Ky., Sen. John Thune, R-S.D., Sen. John Hoeven, R-N.D., and Sen. Mike Crapo, R-Idaho, led a coalition of Republican senators this week in reintroducing legislation to permanently repeal the federal estate tax, which they call the death tax.
“It’s important that the federal estate tax is repealed once and for all and we don’t make it harder for farms and businesses to stay in the family,” Hoeven said in a news release. “Estate planning and ensuring the future operations of a farm or small business are difficult enough, and the death tax only makes these decisions more challenging.”
In addition to Hoeven, Thune, McConnell and Crapo, the Death Tax Repeal Act of 2021 is co-sponsored by Republican Sens. Kevin Cramer of North Dakota, John Barrasso of Wyoming, Marsha Blackburn of Tennessee, Roy Blunt of Missouri, John Boozman of Arkansas, John Cornyn of Texas, Tom Cotton of Arkansas, Ted Cruz of Texas, Steve Daines of Montana, Joni Ernst of Iowa, Deb Fischer of Nebraska, Chuck Grassley of Iowa, James Inhofe of Oklahoma, John Kennedy of Louisiana, Roger Marshall and Jerry Moran of Kansas, Jim Risch of Idaho, Mike Rounds of South Dakota, Marco Rubio and Rick Scott of Florida, Richard Shelby of Alabama and Roger Wicker of Mississippi.
This bill is supported by the American Farm Bureau Federation, the National Cattlemen’s Beef Association, the National Federation of Independent Business, the National Association of Manufacturers, the Family Business Coalition, the Family Business Estate Tax Coalition, the Policy and Taxation Group, the Associated General Contractors of America, the National Taxpayers Union and others.
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