WASHINGTON, DC - Congressman Russ Fulcher has joined Rep. Jason Smith (R-MO) and Rep. Sanford Bishop’s (D-GA) bipartisan bill, H.R. 218, the Death Tax Repeal Act. This legislation would repeal the death tax (also known as the “estate tax”) in its entirety.
Congressman Russ Fulcher commented, “Future generations of family-farms in Idaho should not be punished for their family’s hard work and dedication to building successful ranches and farms that, quite literally, feed the world. While farms are a valuable asset, they are not particularly liquid. Many times, after losing much of their resources to this detrimental tax, farms lose their economy of scale and become uncompetitive. I urge my colleagues in urban areas to take a moment to consider this detrimental impact to our rural families.”
Bryan Searle, Idaho Farm Bureau Federation President, added, “We appreciate Congressman Fulcher cosponsoring the Death Tax Repeal Act. Estate taxes are a pressing problem for many agricultural producers, many times leaving farm families with no other choice but to sell land and other assets. Tax policies should not punish capital-intensive agricultural operations, nor hinder the next generation of farmers and ranchers from continuing the agricultural legacy of their parents. Farm Bureau supports estate tax repeal.”
In December 2017, the Tax Cuts and Jobs Act was passed through Congress, doubling the death tax exemption for family-owned businesses from $5.5 to $11 million. Since taking the majority in the House, democrats have proposed efforts to undo this increased exemption.
H.R. 218 currently has 97 cosponsors. Read the full bill here.