U.S. SENATE—U.S. Senator Steve Daines, a member of the Senate Finance Committee, cosponsored legislation to permanently repeal the federal estate tax, more commonly known as the death tax. The “Death Tax Repeal Act of 2021” would finally end this purely punitive tax that has the potential to hit family-run farms, ranches, and businesses as the result of the owner’s death.
“The death tax hits the heart of Montana—our farming and ranching families. It’s time to fully repeal this crippling, unfair tax,” Daines said. “After a family loses a loved one, they shouldn’t have to worry about what will happen to their family farm or ranch.”
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This bill is supported by the American Farm Bureau Federation, the National Cattleman’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 many others.
Daines joined Senate Republican Leader Mitch McConnell (Ky.), Senate Republican Whip John Thune (S. D.), Sen. Mike Crapo (Idaho), ranking member of the Senate Finance Committee, and dozens of his colleagues on this legislation.
Companion legislation was introduced in the U.S. House Representatives by Rep. Jason Smith (Mo.).
Background:
In December of 2017, Daines voted for the Tax Cuts and Jobs Act which returned over $700 million to Montana families and doubled the exemption from the estate tax to $10 million for individuals and $20 million for families.
During the 113th 114th, 115th and 116th Congresses, Daines cosponsored legislation to fully repeal the death tax.