WASHINGTON – Today, U.S. Senator Roy Blunt (Mo.) announced
that he has cosponsored legislation to permanently eliminate the devastating
federal estate tax on family farms, ranches, and small businesses.
“The death tax disproportionately hurts states
like Missouri where agriculture is a top economic driver,” said Blunt. “By
repealing the death tax altogether, this bill will help family farms and
businesses plan for the future and prevent them from being penalized as they
transition from one generation to the next.”
Although the Tax Cuts and Jobs Act did not repeal
the death tax, it doubled the individual estate and gift tax exclusion to $10
million ($11.4 million in 2019 dollars) through 2025, which will prevent more
families from being affected by this tax.
The Death Tax Repeal Act of 2019 was introduced by
U.S. Senator John Thune (S.D.) yesterday. In addition to Blunt, the bill is
cosponsored by U.S. Senators Lamar Alexander (Tenn.), John Barrasso (Wyo.),
Marsha Blackburn (Tenn.), John Boozman (Ark.), John Cornyn (Texas), Tom Cotton
(Ark.), Kevin Cramer (N.D.), Mike Crapo (Idaho), Ted Cruz (Texas), Steve
Daines (Mont.), Joni Ernst (Iowa), Deb Fischer (Neb.), Cory Gardner (Colo.),
Chuck Grassley (Iowa), John Hoeven (N.D.), Cindy Hyde-Smith (Miss.), James Inhofe
(Okla.), Johnny Isakson (Ga.), John Kennedy (La.), Mitch McConnell (Ky.), Jerry
Moran (Kan.), David Perdue (Ga.), Jim Risch (Idaho), Pat Roberts (Kan.), Mike
Rounds (S.D.), Marco Rubio (Fla.), and Todd Young (Ind.).
bill is supported by the American Farm Bureau Federation, the National
Cattlemen’s Beef Association, NFIB, the Associated General Contractors of
America, the Family Business Estate Tax Coalition, Policy and Taxation Group,
the National Association of Manufacturers, and many others.