U.S. Sen. Todd Young (R-Ind.) a member of the tax-writing Senate Finance Committee is cosponsoring legislation to permanently repeal the federal estate tax, more commonly known as the death tax. The bill, led by Senator John Thune (R-S.D.), would end the punitive tax that negatively affects Hoosier farmers and small business owners. “Death should not be a taxable event,” said Senator Young. “Hoosiers should not be forced to sell a family farm or transfer ownership of a small business because of the loss of a family member. Let’s repeal the death tax once and for all.” The historic Tax Cuts and Jobs Act passed in 2017 granted temporary relief for some. The estate tax gift exclusion was doubled through 2025, but it will revert to previous levels if no further action is taken. Indiana repealed its state death tax in 2013. The bill is supported by the American Farm Bureau Federation, the National Cattlemen’s Beef Association, NFIB, the Associated General Contractors of America, the Family Business Estate Tax Coalition, Policy and Taxation Group, and many others. In addition to Senators Young and Thune, the bill is cosponsored by Senate Majority Leader Mitch McConnell, Finance Committee Chairman Chuck Grassley, and several U.S. Senators.
February 1st, 2019|Local News|