Idaho Congressman Mike Simpson cosponsored the Death Tax Repeal Act. This bill would permanently repeal the death tax, providing relief to family-owned businesses, farms, and ranches from being hit by the hefty tax that occurs on the transfer of property or other assets from a deceased family member.
The legislation is led by Iowa Republican Representative Randy Feenstra with support from more than 170 cosponsors in the U.S. House of Representatives. This legislation is also supported by over 230 organizations.
In a news release, Simpson says the death tax is punishing and burdensome and has crushed Idaho family farms, ranches, and small businesses for too long. He added that repealing the tax will assist those impacted who have worked their whole lives to pass something on from generation to generation.
U.S. Senate Majority Leader John Thune of South Dakota has introduced companion legislation in the U.S. Senate.
