{"id":95133,"date":"2025-02-18T07:26:03","date_gmt":"2025-02-18T07:26:03","guid":{"rendered":"https:\/\/peraltafinancing.com\/alabama\/sens-tuberville-britt-call-for-end-to-federal-estate-tax\/"},"modified":"2025-02-18T07:26:03","modified_gmt":"2025-02-18T07:26:03","slug":"sens-tuberville-britt-call-for-end-to-federal-estate-tax","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=95133","title":{"rendered":"Sens. Tuberville, Britt call for end to federal estate tax"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p>Last week, U.S. Sens. Tommy Tuberville, R-AL, and Katie Britt, R-AL, joined Senate Majority Leader John Thune, R-SD, in reintroducing legislation to permanently repeal the <a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/estate-tax\">federal estate tax<\/a>.<\/p>\n<p>The so-called Death Tax Repeal Act would completely eliminate the federal estate tax levied on the transfer of personal property to inheritants after one\u2019s death. Tuberville, Britt, and Thune argued that the tax is purely punitive in nature and that it harms family-run businesses, including farms and ranches.<\/p>\n<p>\u201cThe Death Tax destroys American jobs by stifling profitable businesses that employ hardworking Americans,\u201d\u00a0said Tuberville in an official press release. \u201cOur government should be focused on creating an economic environment that preserves small businesses and family farms, instead of taxing them out of operation. I will keep pushing for policies that incentivize our next generation of farmers and business owners, so that we can continue to rely on their contributions for a strong economy.\u201d<\/p>\n<p>Britt echoed Tuberville, calling the estate tax \u201ca form of double taxation.\u201d<\/p>\n<p>\u201cThe Death Tax unjustly forces the next generation of farm families to decide between bankruptcy or selling their farm to a corporation. No American farm family, already suffering from the loss of their loved one, should be faced with this devastating choice,\u201d Britt continued. \u201cRepealing the Death Tax safeguards Alabama\u2019s incredible farmers and cattlemen who work tirelessly throughout their lives to feed and clothe our state, nation, and world. I will continue to fight to protect the ability of Alabama farmers, cattlemen, and small business owners to live the American Dream and pass on their family\u2019s legacy and livelihood to their children.\u201d\u00a0<\/p>\n<p>Proponents of the estate tax argue that it fights against economic inequality by providing incentives to give to charity, covering tax loopholes related to capital gains, and redistributing exorbitant inheritances.<\/p>\n<p>According to the <a href=\"https:\/\/www.brookings.edu\/articles\/the-estate-tax-plays-a-key-role\/#:~:text=The%20tax%20helps%20support%20the,the%20extent%20of%20huge%20inheritances.\">Brookings Institute<\/a>, \u201cThe alleged negatives of the tax\u2014its effects on saving, small businesses and farms, and its high compliance costs\u2014are often grossly overstated. The hysteria in labeling it the \u2018death tax\u2019 is also misplaced. About 98 percent of deaths result in no estate taxes, its one-time burden at the time of death can be reduced with prudent estate planning devices such as life insurance and the tax is imposed on wealth, not on death itself.\u201d<\/p>\n<div class=\"code-block code-block-6\" style=\"margin: 8px auto; text-align: center; display: block; clear: both;\">\n<div class=\"zox-post-ad-wrap\"><span class=\"zox-ad-label\">Advertisement. Scroll to continue reading.<\/span><\/div>\n<\/div>\n<p>The <a href=\"https:\/\/itep.org\/federal-estate-tax-historic-lows-2023\/\">Institute of Taxation and Economic Policy<\/a> also notes that the estate tax does not apply to over 99 percent of American households. In 2019, \u201conly 8 of every 10,000 people who died left an estate large enough to trigger the tax.\u201d<\/p>\n<p>The tax is inherently progressive, only applying to the wealthiest Americans. Additionally, there are already special provisions in place to protect family-owned businesses and farms \u2014 like those mentioned by Tuberville and Britt \u2014 from being overly-burdened by the tax. <a href=\"https:\/\/www.ers.usda.gov\/amber-waves\/2021\/april\/less-than-1-percent-of-farm-estates-owed-federal-estate-taxes-in-2020\">Less than 1 percent of farm estates owed any federal estate taxes in 2020<\/a>.<\/p>\n<p><!-- CONTENT END 1 -->\n\t\t\t<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Last week, U.S. Sens. Tommy Tuberville, R-AL, and Katie Britt, R-AL, joined Senate Majority Leader John Thune, R-SD, in reintroducing legislation to permanently repeal the federal estate tax. The so-called Death Tax Repeal Act would completely eliminate the federal estate tax levied on the transfer of personal property to inheritants after one\u2019s death. Tuberville, Britt, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":95134,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11763],"tags":[31243,33871,15708,1254,4856,45203,11558,45204,7356,33875,29525],"dealstore":[],"offerexpiration":[],"class_list":["post-95133","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-alabama","tag-alabama-u-s-sen-katie-britt","tag-alabama-u-s-sen-tommy-tuberville","tag-britt","tag-call","tag-estate","tag-estate-tax","tag-federal","tag-sens","tag-tax","tag-tuberville","tag-u-s-senate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sens. 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