Congress Moves to Repeal Estate Tax

Earlier this week, Senator John Thune (R-SD) introduced legislation to repeal the federal estate tax. Rep. Kristi Noem (R-SD) introduced companion legislation in the House of Representatives. The estate tax, better known as the death tax, is a tax on the right to transfer property at the time of death, and it hits small businesses and family farms particularly hard.  Repealing the estate tax was a significant tenant of the President’s tax relief plan and likely to be included as part of a broader tax reform package.

On Monday, in support of Sen. Thune and Rep. Noem, NRMCA and an array of groups and organizations representing small businesses and advocating for tax reform sent letters to both of them thanking them for sponsoring the legislation and supporting small and family-owned businesses and farms across America. Over the weekend, Speaker Paul Ryan (R-WI) proposed a 200-day plan that included many of the President’s legislative priorities, including repealing and replacing Obamacare and passing a tax reform package. NRMCA will continue to support the repeal of the estate tax and advocate on behalf of its members for the elimination of this burdensome and anti-growth policy.