Source: United States Senator Kevin Cramer (R-ND)
WASHINGTON — U.S. Senator Kevin Cramer (R-ND) joined Senator John Thune (R-SD) in introducing the Death Tax Repeal Act, legislation to eliminate the federal estate tax, otherwise known as the “death tax.”
“The last thing anyone needs after a loved one passes is a mammoth tax bill from Washington,” said Senator Cramer. “Getting rid of the death tax would give people peace of mind, protect small businesses and farms, and keep family legacies alive.”
Senator Cramer supported related efforts when Congress considered the Tax Cuts and Jobs Act of 2017 (TCJA). While TCJA did not eliminate the death tax, the law reduced its impacts by doubling the individual estate and gift tax exclusion to $10 million ($12.9 million in 2023 terms) through 2025. As this provision nears expiration, passing the Death Tax Repeal Act is all the more urgent.
The bill is endorsed by more than 150 members of the Family Business Coalition and 111 members of the Family Business Estate Tax Coalition, including the American Farm Bureau Federation, the National Cattlemen’s Beef Association, National Federation of Independent Businesses, the Associated General Contractors of America, the Policy and Taxation Group, the National Association of Home Builders, the National Association of Manufacturers.
Joining Senators Cramer and Thune are Senators Mitch McConnell (R-KY), John Barrasso (R-WY), Mike Crapo (R-ID), Marsha Blackburn (R-TN), John Boozman (R-AR), Mike Braun (R-IN), Katie Britt (R-AL), Ted Budd (R-NC), Shelley Moore Capito (R-WV), John Cornyn (R-TX), Tom Cotton (R-AR), Mike Crapo (R-ID), Ted Cruz (R-TX), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Lindsay Graham (R-SC), Chuck Grassley (R-IA), Bill Hagerty (R-TN), Josh Hawley (R-MO), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Ron Johnson (R-WI), John Kennedy (R-LA), James Lanford (R-OK), Mike Lee (R-UT), Cynthia Lummis (R-WY), Roger Marshall (R-KS), Mitch McConnell (R-KY), Jerry Moran (R-KS), Markwayne Mullin (R-OK), Pete Ricketts (R-NE), Jim Risch (R-ID), Mike Rounds (R-SD), Marco Rubio (R-FL), Eric Schmitt (R-MO), Rick Scott (R-FL), Tim Scott (R-SC), Thom Tillis (R-NC), Tommy Tuberville (R-AL), and Roger Wicker (R-MS).