U.S. Senators Richard Shelby, Tommy Tuberville cosponsor Death Tax Repeal Act
U.S. Senators Richard Shelby (R-AL) and Tommy Tuberville (R-AL) are cosponsoring the Death Tax Repeal Act, which was introduced by U.S. Senator John Thune (R-SD) last week.
The legislation would repeal the federal estate and generation-skipping transfer taxes.
Research from the National Federation of Independent Business (NFIB) has shown that 44% of small business owners view the estate tax as a very important issue.
Shelby signed up as an original cosponsor on the Death Tax Repeal Act and recently tweeted about his support for the bill.
Alabama’s senior senator called the Death Tax “an unfair tax that makes it more difficult for hardworking farms & small businesses to stay in the family.”
“It’s important that we ease the burden on these family businesses, not exacerbate it,” Shelby added.
NFIB Alabama State Director Rosemary Elebash thanked Shelby for his original cosponsorship.
“The death tax can be devastating to a family business,” she said in a written statement on Wednesday. “Owners’ estates are often made up of land, equipment and other assets that their children must sell so they can afford to pay the estate taxes. Sometimes, the family has to sell the business outright. Repealing the death tax would ease the financial burden on small businesses as they recover from the pandemic and make it easier for owners to pass their life’s work to their children and grandchildren.”
Tuberville on Thursday formally added his name to the list of cosponsors.
“The Death Tax destroys American jobs and cripples small businesses and family farms,” he said in a Friday statement. “Americans who inherit family-owned farms, ranches, and businesses are often forced to sell their holdings or let go of employees in order to pay the tax. Instead of using the tax code to tear down profitable enterprises that employ Americans, Congress should be focused on creating a tax and regulatory environment that allows businesses of all sizes to grow and thrive.”
Sean Ross is the editor of Yellowhammer News. You can follow him on Twitter @sean_yhn