Hoeven Joins Thune in Introducing Legislation to Repeal the Death Tax

WASHINGTON – Senator John Hoeven (R-N.D.) this week joined Senator John Thune (R-S.D.) in introducing legislation to permanently repeal the federal estate tax, commonly known as the death tax. Hoeven has supported efforts like this throughout his time in the U.S. Senate and helped successfully pass the Tax Cuts and Jobs Act in 2017, which doubled the individual estate tax exemption.

“The death tax penalizes families during some of the most difficult times in their lives and brings particular hardship to our agriculture producers,” said Senator Hoeven. “We need a new generation of young farmers, and they should not be put in the position where they may have to sell land or possibly leave agriculture altogether when a loved one passes away. That’s why we continue to advance a permanent repeal of this unnecessary and burdensome tax.” 

“Agriculture is the backbone of South Dakota’s economy,” said Senator Thune. “For years I have fought to protect farm and ranch families from the onerous and unfair death tax. Family-owned farms and ranches often bear the brunt of this tax, which makes it difficult and costly to pass these businesses down to future generations. I will continue to do everything in my power to remove these roadblocks for family businesses and repeal the death tax once and for all.”

In addition to Hoeven and Thune, the Death Tax Repeal Act is cosponsored by Senate Minority Leader Mitch McConnell (R-Ky.), Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) and Senators John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), John Boozman (R-Ark.), Mike Braun (R-Ind.), 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), Steve Daines (R-Mont.), Joni Ernst (R-Iowa), Deb Fischer (R-Neb.), Lindsey 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.), John Kennedy (R-La.), James Lankford (R-Okla.), Mike Lee (R-Utah), Cynthia Lummis (R-Wyo.), Roger Marshall (R-Kan.), Jerry Moran (R-Kan.), Markwayne Mullin (R-Okla.), Pete Ricketts (R-Neb.), Jim Risch (R-Idaho), Mike Rounds (R-S.D.), Marco Rubio (R-Fla.), Eric Schmitt (R-Mo.), Rick Scott (R-Fla.), Tim Scott (R-S.C.), Thom Tillis (R-N.C.), Tommy Tuberville (R-Ala.) and Roger Wicker (R-Miss.).  

The legislation is supported by the American Farm Bureau Federation, the National Cattlemen’s Beef Association, National Federation of Independent Businesses, the Associated General Contractors of America, the National Association of Home Builders and the National Association of Manufacturers, among others.