WASHINGTON – Committed to job growth and building our economy, U.S. Senator John Boozman (R-AR) is urging Congress to eliminate the estate tax, commonly referred to as the death tax, which acts as a hurdle that prevents America’s agriculture producers and small business owners from realizing their full potential.
Boozman introduced legislation that would permanently eliminate the federal estate and gift taxes that punish America’s small business owners and agriculture producers.
“Part of the American Dream is to build an inheritance that will benefit our future generations. The death tax works against that idea by making planning and passing on family farms and businesses to the next generation even more difficult. We need to eliminate polices like the death tax that create unnecessary burdens on our agriculture community and family businesses. These job creators should be planning on how to grow their operations, but instead they’re faced with the threat of having to pay Uncle Sam,” Boozman said.
In January 2013, Congress raised the death tax to a 40 percent rate while maintaining a $5 million exemption.
According to a study by Douglas Holtz-Eakin, a former director of the non-partisan Congressional Budget Office, repealing the death tax would create 1.5 million additional small business jobs and would decrease the national unemployment rate by nearly one percent.
Boozman introduced similar legislation in the 112th Congress. He is also a cosponsor of the Death Tax Repeal Permanency Act of 2013 introduced by Sen. John Thune (R- SD).