Senator John Hoeven of North Dakota has partnered with Senate Majority Leader John Thune of South Dakota to reintroduce a bill aimed at permanently repealing the federal estate tax, commonly referred to as the death tax.
“Our legislation would repeal the death tax and prevent families, particularly those with family farms, from facing unnecessary hardship when a loved one passes away,” stated Senator Hoeven. He emphasized that removing this tax would ease estate planning challenges and support the continued operation of small businesses and family farms, contributing positively to the economy.
Leader Thune echoed these sentiments by highlighting the significance of family farms and ranches in South Dakota’s rural communities. “Losing even one of them to the death tax is one too many,” he said. Thune argued for ending what he described as a burdensome tax so that family-owned enterprises could prosper without facing prohibitive estate planning costs or hefty taxes threatening their sustainability.
The legislation has garnered substantial support within the Senate, with numerous senators co-sponsoring it. These include Jim Banks (R-Ind.), John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), John Boozman (R-Ark.), 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), John Curtis (R-Utah), 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.), Cindy Hyde-Smith (R-Miss.), Ron Johnson (R-Wis.), Jim Justice (W.Va.-Gov.-Elect), John Kennedy(R-La.) James Lankford(R-Okla.) Mike Lee(R-Utah) Cynthia Lummis(R-Wyo.) Roger Marshall(Kan.) Mitch McConnell(Ky.) Dave McCormick(Pa.) Jerry Moran(Kan.) Bernie Moreno(Ohio) Markwayne Mullin(Okla.) Pete Ricketts(Neb.) Jim Risch(Idaho) Mike Rounds(S.Dakota) Eric Schmitt(Mo.) Rick Scott(Fla.) Tim Scott(S.Carolina) Tim Sheehy(Montana) Thom Tillis(N.Carolina) Tommy Tuberville(Alaabama) Roger Wicker(Mississippi). Todd Young(Indiana).
