Source: United States Senator for South Carolina Tim Scott
WASHINGTON – Senator Tim Scott (R-S.C.) joined Senator John Thune (R-S.D.) and 40 of his Senate colleagues in reintroducing legislation to permanently repeal the federal estate tax, more commonly known as the death tax. The Death Tax Repeal Act would end this purely punitive tax that has the potential to hit family-run farms, ranches, and businesses as the result of the owner’s death.
“Family-owned businesses and farms have earned the ability to leave a legacy of hard work for generations to come. The unfortunate reality is too many families have lost their businesses because of a punishing tax system,” said Senator Scott. “Farmers and entrepreneurs in South Carolina have dedicated their lifetime to providing for their families and our state. They deserve our support, which comes from repealing the death tax.”
“Agriculture is the backbone of South Dakota’s economy,” said Senator Thune. “For years I have fought to protect farm and ranch families from the onerous and unfair death tax. Family-owned farms and ranches often bear the brunt of this tax, which makes it difficult and costly to pass these businesses down to future generations. I will continue to do everything in my power to remove these roadblocks for family businesses and repeal the death tax once and for all.”
“South Carolina has the 8th highest risk of farmland being lost through conversion to non-ag uses. By sponsoring the Death Tax Repeal Act, Sen. Scott is helping South Carolina farmers pass on the family farm to the next generation rather than having to sell it off to cover a federal tax bill. I applaud Senator Scott working on a tax bill that protects the family farms that grow America’s food, fiber, and fuel,” said Harry Ott, President and CEO, South Carolina Farm Bureau.
“The estate tax disproportionately affects family businesses that are minority-owned, making it even more difficult for these businesses to achieve long-term success. Repealing this tax will help promote diversity and inclusion in the business community, creating more opportunities for all Americans.” said Charles H. DeBow, III. President and CEO, National Black Chamber of Commerce, Family Business Coalition member
The legislation is cosponsored by U.S. Sens. John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), John Boozman (R-Ark.), Mike Braun (R-Ind.), Katie Britt (R-Ala.), Ted Budd (R-N.C.), Shelley Moore Capito (R-W.Va.), John Cornyn (R-Texas), Tom Cotton (R-Ark.), Kevin Cramer (R-N.D.), Mike Crapo (R-Idaho), Ted Cruz (R-Texas), Steve Daines (R-Mont.), Joni Ernst (R-Iowa), Deb Fischer (R-Neb.), Lindsay Graham (R-S.C.), Chuck Grassley (R-Iowa), Bill Hagerty (R-Tenn.), Josh Hawley (R-Mo.), John Hoeven (R-N.D.), Cindy Hyde-Smith (R-Miss.), Ron Johnson (R-Wis.), John Kennedy (R-La.), James Lankford (R-Okla.), Mike Lee (R-Utah), Cynthia Lummis (R-Wyo.), Roger Marshall (R-Kan.), Mitch McConnell (R-Ky.), Jerry Moran (R-Kan.), Markwayne Mullin (R-Okla.), Pete Ricketts (R-Neb.), Jim Risch (R-Idaho), Mike Rounds (R-S.D.), Marco Rubio (R-Fla.), Eric Schmitt (R-Mo.), Rick Scott (R-Fla.), Thom Tillis (R-N.C.), Tommy Tuberville (R-Ala.), and Roger Wicker (R-Miss.).
This legislation is supported by more than 150 members of the Family Business Coalition and 111 members of the Family Business Estate Tax Coalition, which includes 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, and many others.
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