U.S. SENATE MAJORITY LEADER JOHN THUNE OF SOUTH DAKOTA LED 45 OF HIS SENATE COLLEAGUES THURSDAY IN REINTRODUCING LEGISLATION 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 AFFECT FAMILY-RUN FARMS, RANCHES, AND BUSINESSES AS THE RESULT OF THE OWNER’S DEATH.
THUNE SAYS FAMILY FARMS AND RANCHES PLAY A VITAL ROLE IN OUR ECONOMY AND ARE THE LIFEBLOOD OF RURAL COMMUNITIES IN SOUTH DAKOTA.
HE SAYS LOSING EVEN ONE OF THEM TO THE DEATH TAX IS ONE TOO MANY AND IT’S TIME TO PUT AN END TO THIS PUNISHING, BURDENSOME TAX ONCE AND FOR ALL.
SENATE CO-SPONSORS INCLUDE CHUCK GRASSLEY AND JONI ERNST OF IOWA, DEB FISCHER AND PETE RICKETTS
OF NEBRASKA, AND MIKE ROUNDS OF SOUTH DAKOTA.
COMPANION LEGISLATION WAS INTRODUCED IN THE U.S. HOUSE BY CONGRESSMAN.RANDY FEENSTRA OF IOWA.
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