Says Congress needs to simplify tax code, provide relief to American farmers, small businesses
Washington, D.C. - Idaho Senator Mike Crapo today co-sponsored legislation authored by Senator John Thune (R-South Dakota) that would fully repeal the federal estate tax, also known as the "death tax". The measure is similar to legislation Crapo has supported in previous years.
Crapo, a member of the Senate Finance Committee with jurisdiction over the tax code, noted the federal estate tax unfairly burdens family businesses who are forced to sell their farms or small businesses to pay the federal estate tax when they lose a loved one. "High federal taxes should not prevent a family farmer, rancher or other business owner from passing the business they developed onto their children and grandchildren-the estate tax may be the most unfair tax on the books," said Crapo.
America's family farms and small businesses were offered a short-term reprieve from the federal estate tax in 2010, but Crapo sees a full and permanent repeal of this punitive tax as a step in the right direction as he continues his efforts to simplify the tax code and increase competitiveness. Crapo added, "At a time when lawmakers should be focused on economic growth and job creation, repealing the estate tax makes sense and is a good first step on the path to simplifying our overly-burdensome tax code."