WASHINGTON – Sen. Chuck Grassley of Iowa is an original cosponsor of legislation reintroduced today that would permanently repeal the federal estate tax, more commonly known as the death tax. The Death Tax Repeal Act of 2017 would finally end this purely punitive tax that has the potential to hit family farms, ranches, and businesses as the result of the owner’s death. A companion version has been introduced in the U.S. House of Representatives. A previous version was adopted as part of the non-binding fiscal year 2016 budget resolution.
“It’s getting harder all the time to have a family farm or family-run business,” Grassley said. “Congress ought to do everything possible to encourage family enterprises to stay in operation and get next generations involved. The estate tax is counter-productive to jobs and economic growth. It just isn’t needed. I hope this is one of many tax burdens that will fall by the wayside through comprehensive tax reform or any other means that might be available.”
The bill is supported by the American Farm Bureau Federation, Associated Builders and Contractors, National Association of Manufacturers, National Federation of Independent Business, Americans for Tax Reform, Club for Growth, National Black Chamber of Commerce, International Franchise Association, National Taxpayers Union, Family Business Coalition, the Family Business Estate Tax Coalition, and many others.
Grassley is a senior member and former chairman of the Finance Committee, with jurisdiction over taxes. He also is a long-time member of the Agriculture Committee and the only working family farmer on the committee.
Then conversely if you die in debt, that too should be passed along to “heirs”, least the taxpayer foot the bill to bail out your worthless estate.
This I agree with. People work all their lives to get ahead and leave something for their family. The government has no business taking it away. They already paid taxes on the property so it has always seemed like double taxation to me.
Thank you Senator Grassley.