U.S. Senator Jerry Moran (R-Kan.) joined U.S. Senator John Thune (R-S.D.) and 26 other Senate colleagues this week to introduce the Death Tax Repeal Act of 2017 (S. 205
). The legislation would permanently repeal the federal estate tax, which requires families to pay a tax on the life savings of a deceased loved one – savings built from income already taxed when originally earned.
“Repealing this burdensome tax has long been a priority of mine,” said Sen. Moran. “The estate tax discourages family farmers from passing down their operation to the next generation, which has a disproportional impact on Kansas families. This legislation will enhance the ability of the next generation of our state’s farmers, ranchers and small business owners to carry on their family businesses.”
The legislation is supported by American Farm Bureau Federation, Associated Builders and Contractors, National Association of Manufacturers, National Federation of Independent Business, Americans for Tax Reform, Club for Growth, National Black Chamber of Commerce, International Franchise Association, National Taxpayers Union, Family Business Coalition, the Family Business Estate Tax Coalition, and many others.
S. 205 awaits consideration by the Senate Finance Committee. Companion legislation was introduced in the U.S. House of Representatives by Rep. Kristi Noem (R-S.D.) this week.