Request Line: (870) 277-1080 [email protected]
Text Your Gift to KLEK1 to 44-321 LEARN MORE

Your Community Radio Station is possible thanks to this supporter!  Become an underwriter.

Boozman Pushes for Estate Tax Reduction

Written by Press Release

January 18, 2019

WASHINGTON— U.S. Senator John Boozman (R-AR) along with Senators Tom Cotton (R-AR) and Roy Blunt (R-MO) introduced the Estate Tax Rate Reduction Act, which would reduce the estate tax to 20 percent. 

Boozman has long-supported efforts to reduce the burden that America’s family-owned businesses and agriculture producers face when transferring ownership of their businesses and farms to their children.   

The Tax Cuts and Jobs Act that was signed into law in 2017 took a step in the right direction to reduce the burden of this tax by doubling the amount of the estate tax exemption. The Estate Tax Rate Reduction Act would reduce the estate tax rate from a top rate of 40 percent to a 20 percent rate, which would bring it in line with the current capital gains tax rate.  

“Punishing years of hard work and investment, as the estate tax does, has never been fair or reasonable to family farmers and small business owners in Arkansas who rightly view it as a real threat to passing their businesses and assets on to the next generation,” Boozman said. “Reducing the rate of the estate tax is another step in the right direction and builds on previous efforts to reduce this burden for families.” 

“Families shouldn’t have to sell major portions of their businesses or farms after the death of a parent just to afford the 40% estate tax. Breaking apart a family’s livelihood is neither fair or good for the economy, especially since families are often forced to sell to large corporations. My legislation would cut that rate in half, bringing the rate in line with the current capital gains rate and making it much easier to preserve a family’s legacy and way of life,” said Cotton. 

“The current estate tax is often a crushing blow to family businesses and farmers who are trying to plan for the future,” said Blunt.“This legislation will bring relief to family farms and businesses as they transition from one generation to the next.”

Original article source: https://www.boozman.senate.gov/public/index.cfm/2019/1/boozman-pushes-for-estate-tax-reduction | Article may or may not reflect the views of KLEK 102.5 FM or The Voice of Arkansas Minority Advocacy Council

0 0 vote
Article Rating

Related Articles

Boozman Joins Cotton to Introduce Iran Sanctions Resolution

WASHINGTON — U.S. Senators John Boozman (R-AR), Tom Cotton (R-AR) and 44 other members of Congress introduced a resolution to oppose lifting sanctions on Iran. The members released the following statement after introduction:“The United Read more

Nexstar: GOP Lawmakers Push to Reopen Schools

WASHINGTON, DC (NEXSTAR) — Republicans have turned to reopening schools as their political rallying cry to try to win back key components of their base: suburban voters and women.GOP lawmakers Read more

Boozman, Colleagues Protect Health Care Workers from Discrimination

WASHINGTON—U.S. Senator John Boozman (R-AR) reintroduced the Conscience Protection Act of 2021 to protect health care providers, including health insurance plans, from government discrimination if they decline to participate in abortions. The Conscience Protection Read more

Recognizing the Women of the Six Triple Eight

February is Black History Month—a time to reflect on the influence of African Americans in our history and celebrate their achievements and contributions to the fabric of our nation. We honor the sacrifices of Read more

Comments

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

Your Community Radio Station is possible thanks to this supporter!  Become an underwriter.

Pin It on Pinterest