Washington, D.C. – Today, Ways and Means Committee Chairman Jason Smith (MO-08) applauded introduction of the Death Tax Repeal Act by Rep. Randy Feenstra (IA-04) that would permanently repeal the death tax, which imposes an unfair and costly tax on the transfer of property, land, and other assets from a deceased family member to heirs of family farms and small businesses.
Ways and Means Chairman Jason Smith (MO-08) said:
“Families who spend a generation building up a successful farm, ranch, or small business should be rewarded – not punished – by our tax code. Unfortunately, when a loved one passes away, many such families are forced to choose between attending to their grief or the threat of losing their business because of the excessive costs imposed by Washington’s misguided death tax. 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. I am proud to support this important piece of legislation introduced by my colleague, Rep. Feenstra, and look forward to continuing the fight on behalf of American family farmers, ranchers, and small businesses.”
Rep. Randy Feenstra (IA-04) said: “The death tax represents double taxation at its worst. 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. I’m proud to lead 162 of my colleagues to permanently repeal the death tax, ensure that hardworking families, farmers, and small businesses keep more of their hard-earned money, and strengthen family-owned-and-operated enterprises in Iowa. By fully eliminating the death tax, we can keep China away from our farmland, allow family farms and small businesses to succeed, and encourage the next generation of Iowa farmers and business owners to plant their roots in rural Iowa, support our main streets, and contribute to our economy.”