McCaul, Colleagues Introduce Legislation to Permanently End Death Tax

WASHINGTON — This week, U.S. Congressman Michael McCaul (R-Texas), Rep. Randy Feenstra (R-Iowa), and 161 of their colleagues introduced the Death Tax Repeal Act. This legislation would permanently repeal the death tax, which imposes an unfair and costly tax on the transfer of property, land, and other assets from a deceased family member to heirs of family farms and small businesses.

“The last thing a grieving family needs after losing their loved one is to be penalized with a massive tax,” said Rep. McCaul. “Farmers and small business owners are critical to our economy, yet Democrats want to add financial pressure by taxing their dead. These families deserve better, and I’m honored to support legislation that will permanently end such an unnecessary burden being placed on them.”

“The death tax represents double taxation at its worst. Iowa families grieving the loss of a loved one should not face an enormous tax bill from the federal government just to continue the family tradition of farming or keep their small business open and operational,” said Rep. Feenstra. “I’m proud to lead 162 of my colleagues to permanently repeal the death tax, ensure that hardworking families, farmers, and small businesses keep more of their hard-earned money, and strengthen family-owned-and-operated enterprises in Iowa. By fully eliminating the death tax, we can keep China away from our farmland, allow family farms and small businesses to succeed, and encourage the next generation of Iowa farmers and business owners to plant their roots in rural Iowa, support our main streets, and contribute to our economy.”

Background

There are 2 million farms across America, 98 percent of which are operated by families. This legislation would enable these multigenerational businesses to continue supporting their families without having to pay an unnecessary and devastating tax upon the death of a family member on top of their grief. 

The Death Tax Repeal Act has received support from 194 organizations.

Full legislative text can be found HERE.

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