More Republicans are sounding off about the impact of the so-called “death tax” could have on family farms.
South Dakota Senator John Thune sponsored a bill, which has had bipartisan support in the past.
Right now, estates are only taxed after a value of $11.7 million dollars. That expires in 2025. Thune took to the Senate floor to explain the implications to family farms if nothing is done.
“Farmers and ranchers in my state know that without careful and costly planning, the federal government can come around after their death demanding a staggering 40 percent of their taxable estate, and their children won’t have the money to pay without risking the farm or ranch,” Sen. Thune states.
The bill has been referred to the Senate Finance Committee, but a hearing has not yet been scheduled.
Related:
AFBF on legislation to eliminate the estate tax
Change to the tax code could be the death of multigeneration farms
Estate taxes are threatening America’s family farms