Sioux City Times

U.S. Representative Randy Feenstra, along with 162 of his colleagues, has introduced the Death Tax Repeal Act. This legislation aims to permanently repeal the death tax, a tax that imposes a burden on the transfer of property, land, and assets from a deceased family member to heirs of family farms and small businesses.

Feenstra emphasizes the importance of supporting multigenerational businesses, stating that "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." He believes that repealing the death tax would allow these businesses to continue supporting their families without the burden of a devastating tax.

The Death Tax Repeal Act has garnered support from 194 organizations. Feenstra explains that the death tax represents "double taxation at its worst," and that families grieving the loss of a loved one should not have to face an enormous tax bill from the federal government. He argues that permanently repealing the death tax would enable hardworking families, farmers, and small businesses to keep more of their hard-earned money and strengthen family-owned enterprises.

Other representatives also express their support for the legislation. Rep. Jason Smith, Chairman of the House Ways and Means Committee, believes that repealing the death tax is necessary to ensure that family-owned farms and small businesses can thrive and continue their legacy of hard work. Rep. Sanford D. Bishop, Jr. describes the death tax as politically misguided, morally unjustified, and un-American, as it undermines the life work and savings of farmers and jeopardizes small- and medium-sized businesses.

Various organizations have also voiced their support for the Death Tax Repeal Act. Zippy Duvall, President of the American Farm Bureau Federation, believes that the tax code should not add to the uncertainty faced by farmers and ranchers, and that the legislation will help ensure that families can pass their farms to the next generation. Charles Crain, Vice President of Domestic Policy at the National Association of Manufacturers, highlights that the death tax hinders the next generation of manufacturing leaders from investing in their operations and workforce. He commends Rep. Feenstra for introducing the important legislation.

Brian Wild, Chief Government Relations Officer at the National Association of Wholesaler-Distributors, states that the death tax disproportionately impacts multi-generational, family-owned businesses, causing harm to main street businesses and hindering job creation and entrepreneurial activity. The National Restaurant Association, the National Federation of Independent Business, and other associations also express their support for the Death Tax Repeal Act.

Stephen E. Sandherr, CEO of the Associated General Contractors of America, emphasizes that the estate tax is like a Sword of Damocles hanging over the heads of family-owned construction firms. He believes that passing the Death Tax Repeal Act is long overdue and strongly supports Rep. Feenstra's legislation. Todd Wilkinson, President of the National Cattlemen's Beef Association, argues that the death tax presents a significant threat to the future of family farms and ranches, as it forces cattle producers to sell their assets to pay off the tax liability.

Palmer Schoening, Chairman of the Family Business Coalition, commends Representatives Feenstra and Bishop for bringing together a diverse coalition in support of the Death Tax Repeal Act. He believes that this legislation will help family businesses and farms pass on to the next generation of ownership. Dawson Hobbs, Executive Vice President of Government Affairs at the Wine and Spirits Wholesalers of America, asserts that the estate tax unfairly targets family businesses and that repealing the death tax will provide much-needed relief for these businesses to invest in growth and job creation.

The Associated Equipment Distributors also express their support for the Death Tax Repeal Act, as they believe that multigenerational, capital-intensive businesses, such as equipment dealers, remain plagued by the constant threat of losing their companies due to the estate tax.

With the introduction of the Death Tax Repeal Act, Feenstra and his colleagues hope to permanently repeal the death tax and provide relief to family farms and small businesses. The legislation has garnered significant support from organizations across various industries, all advocating for the removal of this burdensome tax.