HOEVEN JOINS IN REINTRODUCING LEGISLATION TO REPEAL DEATH TAX

STAFF REPORT

WASHINGTON – Senator John Hoeven joined Senator John Thune (R-S.D.), Senate Republican Leader Mitch McConnell (R-Ky.) and Senator Mike Crapo (R-Idaho) in reintroducing legislation to permanently repeal the federal estate tax, commonly known as the death tax.

“It’s important that the federal estate tax is repealed once and for all and we don’t make it harder for farms and businesses to stay in the family,” said Hoeven. “Estate planning and ensuring the future operations of a farm or small business are difficult enough, and the death tax only makes these decisions more challenging.”

Will the government tax your estate when you die, taking assets you hoped to hand down to your heirs?

In addition to Hoeven, Thune, McConnell and Crapo, the Death Tax Repeal Act of 2021 is cosponsored by U.S. Senators Kevin Cramer (R-N.D.), John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), Roy Blunt (R-Mo.), John Boozman (R-Ark.), John Cornyn (R-Texas), Tom Cotton (R-Ark.), Ted Cruz (R-Texas), Steve Daines (R-Mont.), Joni Ernst (R-Iowa), Deb Fischer (R-Neb.), Chuck Grassley (R-Iowa), James Inhofe (R-Okla.), John Kennedy (R-La.), Roger Marshall (R-Kan.), Jerry Moran (R-Kan.), Jim Risch (R-Idaho), Mike Rounds (R-S.D.), Marco Rubio (R-Fla.), Rick Scott (F-Fla.), Richard Shelby (R-Ala.) and Roger Wicker (R-Miss.).

Death and taxes are two certainties in life. It turns out that the death care industry is very essential when each person's life comes to an end. It's also a rather lucrative business that comes with at least some barriers to entry. Service Corporation (NYSE: SCI) is the hands-down leader of the death care sector […]

This bill is supported by the American Farm Bureau Federation, the National Cattleman’s Beef Association, NFIB, the National Association of Manufacturers, the Family Business Coalition, the Family Business Estate Tax Coalition, the Policy and Taxation Group, the Associated General Contractors of America, the National Taxpayers Union and others.

K. William Boyer is the Managing Editor of the Devils Lake News Journal. He can be reached at kboyer@gannett.com, or by phone at (701) 662-2127.  

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