SW Arkansas Times

Congressman Bruce Westerman of Arkansas has joined forces with Congressman Randy Feenstra of Iowa and 162 other members of the U.S. House of Representatives to introduce the Death Tax Repeal Act. This legislation aims to permanently repeal the death tax, which imposes a burdensome tax on the transfer of property, land, and assets from deceased family members to their heirs. The death tax is seen as unfair and costly, particularly for family farms and small businesses.

According to Congressman Westerman, "Over 99% of our country's two million farms and ranches and over 95% of our nation's small businesses are owned and operated by individuals and families, and this legislation would enable these multigenerational businesses to continue to support their families without having to pay a devastating tax upon the death of a family member."

Congressman Feenstra echoed these sentiments, stating, "Iowa families grieving the loss of a loved one should not face an enormous tax bill from the federal government just to continue the family tradition of farming or keep their small business open and operational."

The Death Tax Repeal Act has received support from 194 organizations, highlighting the widespread belief that the death tax is detrimental to the success of family-owned businesses. The legislation aims to alleviate the financial burden placed on families who inherit farms or small businesses after the loss of a loved one.

Chairman of the House Ways and Means Committee, Congressman Jason Smith, emphasized the importance of repealing the death tax to ensure the prosperity of family-owned farms and small businesses. He said, "Repealing the death tax is a necessary step to ensuring that family-owned farms and small businesses across America can continue to thrive and carry on their family's legacy of hard work."

Congressman Sanford D. Bishop, Jr. of Georgia also expressed his opposition to the death tax, stating, "It undermines the life work and the life savings of farmers and jeopardizes small- and medium-sized businesses in Georgia and across the nation."

The Death Tax Repeal Act seeks to provide relief for families who have spent generations building successful farms, ranches, and small businesses. It aims to reward their hard work and dedication by removing the excessive costs imposed by the death tax.

With the introduction of this legislation, Congressman Westerman, Congressman Feenstra, and their colleagues hope to ensure that family farms and small businesses can flourish without the fear of losing their legacy due to the burdensome tax burdens. The full legislative text can be found on the official government website.