Crapo Backs Effort to Permanently Repeal the Death Tax

Washington, D.C.--U.S. Senator Mike Crapo, Chairman of the Senate Finance Committee, joined Senate Majority Leader John Thune (R-South Dakota) and 44 additional Senate colleagues in reintroducing legislation that would permanently repeal the federal estate tax, commonly known as the death tax.  The Death Tax Repeal Act would end this purely punitive tax that can hit family-run farms, ranches, and businesses as the result of the owner’s death.

“Small businesses are the lifeblood of Idaho’s economy, and family farmers, ranchers and entrepreneurs have often worked lifetimes to grow their businesses,” said Crapo.  “The death tax can be a devastating blow to American families who want to pass down their farm or small business to the next generation.  It’s time to permanently provide relief from this unfair tax.”

“Family farms and ranches play a vital role in our economy and are the lifeblood of rural communities in South Dakota,” said Thune.  “Losing even one of them to the death tax is one too many. It’s time to put an end to this punishing, burdensome tax once and for all so that family farms, ranches and small businesses can grow and thrive without costly estate planning or massive tax burdens that can threaten their viability.”

The legislation is supported by the Idaho Cattle Association and the Idaho Farm Bureau.

“The Idaho Cattle Association supports full repeal of the ‘Death Tax,’” said Cameron Mulrony, Executive Vice President of the Idaho Cattle Association.  “The long-term success of our historic industry has been predicated on the ability to provide profitability and transfer over generations.  The repeal of this tax is critical in the continual success of multi-generational operations and the legacy of our industry.”

“The Idaho Farm Bureau Federation applauds efforts to permanently repeal the Death Tax,” said Bryan Searle, President of the Idaho Farm Bureau.  “One of the best ways to support multi-generation family farms and ranches is to not penalize the new generation. Farm Bureau thanks Senators Thune and Crapo for leading on this important issue.”

Additional co-sponsors of the legislation include U.S. Senators Jim Risch (R-Idaho), Jim Banks (R-Indiana), John Barrasso (R-Wyoming), Marsha Blackburn (R-Tennessee), John Boozman (R-Arkansas), Katie Britt (R-Alabama), Ted Budd (R-North Carolina), Shelley Moore Capito (R-West Virginia), John Cornyn (R-Texas), Tom Cotton (R-Arkansas), Kevin Cramer (R-North Dakota), Ted Cruz (R-Texas), John Curtis (R-Utah), Steve Daines (R-Montana), Joni Ernst (R-Iowa), Deb Fischer (R-Nebraska), Lindsay Graham (R-South Carolina), Chuck Grassley (R-Iowa), Bill Hagerty (R-Tennessee), Josh Hawley (R-Missouri), John Hoeven (R-North Dakota), Cindy Hyde-Smith (R-Mississippi), Ron Johnson (R-Wisconsin), Jim Justice (R-West Virginia), John Kennedy (R-Louisiana), James Lankford (R-Oklahoma), Mike Lee (R-Utah), Cynthia Lummis (R-Wyoming), Roger Marshall (R-Kansas), Mitch McConnell (R-Kentucky), Dave McCormick (R-Pennsylvania), Jerry Moran (R-Kansas), Bernie Moreno (R-Ohio), Markwayne Mullin (R-Oklahoma), Pete Ricketts (R-Nebraska), Mike Rounds (R-South Dakota), Eric Schmitt (R-Missouri), Rick Scott (R-Florida), Tim Scott (R-South Carolina), Tim Sheehy (R-Montana), Thom Tillis (R-North Carolina), Tommy Tuberville (R-Alabama), Roger Wicker (R-Mississippi) and Todd Young (R-Indiana).  Representative Randy Feenstra (R-Iowa) introduced companion legislation in the U.S. House of Representatives.

The bill is supported by more than 190 members of the Family Business Coalition and more than 105 members of the Family Business Estate Tax Coalition, which includes the National Federation of Independent Business, the National Restaurant Association, the National Association of Home Builders and the U.S. Chamber of Commerce.

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