WASHINGTON– U.S. Senator John Boozman (R-AR) cosponsored an effort led by Senator John Thune (R-SD) to permanently repeal the federal estate tax, more commonly known as the death tax. The Death Tax Repeal Act of 2021 would end the levy that punishes family farmers and small business owners.
“Farming is very often a small, family business. Even during a global pandemic Arkansas’s farm families are continuing to do what they do best – helping feed our country and the world. These hardworking men and women dream of passing their operations and business down to the next generation. Permanently repealing the death tax is necessary to give them the peace of mind that their children and grandchildren will have the opportunity to maintain the proud legacy that defines their way of life,” said Boozman, Ranking Member of the Senate Agriculture Committee.
The Death Tax Repeal Act of 2021 has the support of the American Farm Bureau Federation, the National Cattlemen’s Beef Association, NFIB, the National Association of Manufacturers, the Family Business Coalition, the Family Business Estate Tax Coalition, the Policy and Taxation Group, the Associated General Contractors of America, the National Taxpayers Union and others.
Original article source: https://www.boozman.senate.gov/public/index.cfm/2021/3/boozman-death-tax-repeal-necessary-to-support-arkansas-farmers-small-businesses | Article may or may not reflect the views of KLEK 102.5 FM or The Voice of Arkansas Minority Advocacy Council