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Bills introduced in House and Senate to repeal federal death tax

 

By: Georgia Farm Bureau
2/8/2017 2:10:29 PM

 

Bills to repeal the federal death tax were introduced in both the U.S. House and U.S. Senate on Jan. 24.

In the House, Rep. Sanford Bishop (D-Ga.) and Rep. Kristi Noem (R-SD) introduced the bipartisan Death Tax Repeal Act of 2017 (H.R. 631) to fully and permanently repeal the death tax. According to a Joint Economic Committee report, the death tax has removed more than $1.1 trillion in capital from the economy while causing family businesses and others to reduce savings and limit growth.

"I have always believed that the death tax is politically misguided, morally unjustified, and downright unAmerican," said Bishop.  "It undermines the life work and the life savings of farmers and jeopardizes small- and medium-sized businesses in Georgia and across the nation."

In the Senate, Georgia's Johnny Isakson cosponsored companion legislation (S. 205) to the House bill. Sen. John Thune (R-SD) was the original sponsor of the bill.

 

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