North Austin News

This week, U.S. Congressman Michael McCaul (R-Texas) and Rep. Randy Feenstra (R-Iowa) introduced the Death Tax Repeal Act, along with 161 of their colleagues. The legislation aims to permanently repeal the death tax, which imposes a burdensome tax on the transfer of property and assets from deceased family members to their heirs.

In a statement, Rep. McCaul highlighted the unfairness of the death tax, particularly for grieving families. He said, "The last thing a grieving family needs after losing their loved one is to be penalized with a massive tax. Farmers and small business owners are critical to our economy, yet Democrats want to add financial pressure by taxing their dead. These families deserve better, and I'm honored to support legislation that will permanently end such an unnecessary burden being placed on them."

Rep. Feenstra echoed these sentiments, emphasizing the negative impact of the death tax on Iowa families. He stated, "The death tax represents double taxation at its worst. Iowa families grieving the loss of a loved one should not face an enormous tax bill from the federal government just to continue the family tradition of farming or keep their small business open and operational."

The Death Tax Repeal Act has garnered support from a total of 194 organizations. Its purpose is to enable multigenerational family farms and small businesses to continue supporting their families without the additional financial strain of the death tax.

There are currently 2 million farms across America, with 98 percent of them being family-operated. The legislation aims to protect these family-owned businesses and ensure the preservation of their legacies. By eliminating the death tax, these farms and small businesses can thrive, contribute to the economy, and encourage the next generation of farmers and business owners to continue their traditions.

The full legislative text of the Death Tax Repeal Act can be found on the official government website.

The introduction of this legislation is seen as a crucial step towards permanently ending the burden of the death tax on American families, farmers, and small businesses.