U.S. Sen. Tommy Tuberville (R-Auburn) joined U.S. Sen. John Thune (R-S.D.) in reintroducing legislation on Thursday that would permanently repeal the federal estate tax, commonly known as the death tax.
The Death Tax Repeal Act would end the tax that can hit family-run farms, ranches and businesses as the result of the owner’s death.
Tuberville has helped introduce this legislation in both the 117th and 118th Congress.
“The Death Tax destroys American jobs by stifling profitable businesses that employ hardworking Americans,” Tuberville said. “Our government should be focused on creating an economic environment that preserves small businesses and family farms, instead of taxing them out of operation. I will keep pushing for policies that incentivize our next generation of farmers and business owners, so that we can continue to rely on their contributions for a strong economy.”
U.S. Sen. Katie Britt (R-Montgomery) is also a co-sponsor of the legislation.
“The Death Tax unjustly forces the next generation of farm families to decide between bankruptcy or selling their farm to a corporation. No American farm family, already suffering from the loss of their loved one, should be faced with this devastating choice,” said Britt. “Repealing the Death Tax safeguards Alabama’s incredible farmers and cattlemen who work tirelessly throughout their lives to feed and clothe our state, nation, and world. I will continue to fight to protect the ability of Alabama farmers, cattlemen, and small business owners to live the American Dream and pass on their family’s legacy and livelihood to their children.”
Read the full text of the legislation here.
To connect with the author of this story or to comment, email caleb.taylor@1819News.com.
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