U.S. Rep. Randy Feenstra (R-IA) on Jan. 18 led 160 Republicans and one Democrat in introducing a bipartisan bill to permanently repeal the death tax.
“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,” Rep. Feenstra said.
The Death Tax Repeal Act, H.R. 7035, which Rep. Feenstra sponsored with lead original cosponsor U.S. Rep. Sanford Bishop, Jr. (D-GA), would end the death tax, which imposes a costly tax on the transfer of property, land, and other assets from a deceased family member to heirs of family farms and small businesses, according to a bill summary provided by the lawmakers.
“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,” said Rep. Feenstra.
H.R. 7035 has been endorsed by 194 organizations, including the American Farm Bureau Federation, the National Association of Manufacturers, the National Association of Wholesaler-Distributors, the National Restaurant Association, and the National Federation of Independent Business, among many others.
“I have always believed that the death tax is politically misguided, morally unjustified, and downright un-American,” said Rep. Bishop. “It undermines the life work and the life savings of farmers and jeopardizes small- and medium-sized businesses in Georgia and across the nation.”
The measure has been referred to the U.S. House Ways and Means Committee for consideration.