Hoeven Helps Reintroduce Legislation to Repeal Death Tax
WASHINGTON – Senator John Hoeven today helped reintroduce legislation with Senator John Thune (R-S.D.) to permanently repeal the federal estate tax. Hoeven has supported efforts to repeal the death tax throughout his time in the Senate and worked to address the issue in the Tax Cuts and Jobs Act (TCJA), which doubled the individual estate tax exemption to $10 million and was passed by Congress in 2017.
“Estate planning and ensuring the future operations of a farm or small business are difficult enough, and the death tax only makes these decisions more challenging,” said Hoeven. “Our tax relief legislation doubled the exemption under the estate tax and provided needed certainty for farm families and small business owners. With this bill’s reintroduction, we continue our efforts to provide permanent relief from this unnecessary burden.”
In addition to Thune and Hoeven, the bill is cosponsored by U.S. Senators Mitch McConnell (R-Ky.), Chuck Grassley (R-Iowa), Lamar Alexander (R-Tenn.), John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), Roy Blunt (R-Mo.), John Boozman (R-Ark.), John Cornyn (R-Texas), Tom Cotton (R-Ark.), Kevin Cramer (R-N.D.), Mike Crapo (R-Idaho), Ted Cruz (R-Texas), Steve Daines (R-Mont.), Joni Ernst (R-Iowa), Deb Fischer (R-Neb.), Cory Gardner (R-Colo.), Cindy Hyde-Smith (R-Miss.), James Inhofe (R-Okla.), Johnny Isakson (R-Ga.), John Kennedy (R-La.), Jerry Moran (R-Kan.), David Perdue (R-Ga.), Jim Risch (R-Idaho), Pat Roberts (R-Kan.), Mike Rounds (R-S.D.), Marco Rubio (R- Fla.) and Todd Young (R- Ind.).
The Death Tax Repeal Act of 2019 is supported by the American Farm Bureau Federation, the National Cattlemen’s Beef Association, NFIB, the Associated General Contractors of America, the Family Business Estate Tax Coalition, Policy and Taxation Group, the National Association of Manufacturers and many others.
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