Death Tax Repeal Cut Act

The foundation of the United States economy rests firmly on the shoulders of our small businesses. From local, family-owned, mom-and-pop shops to hardworking farmers and ranchers, their tireless efforts fuel our economic engine. The federal government should allow these businesses to thrive, rather than burdening them with extensive taxes.

The estate tax, commonly known as the death tax, was instituted in 1916 under the Revenue Act. This tax, implemented after a person's passing, subjects their assets to taxation upon inheritance. Such a practice would dishearten our founding fathers, who fought for America's freedom to escape an overreaching federal government. The death tax executes double taxation, allowing the government to tax the assets of a business both in life and death. This burden has forced numerous small businesses to shut their doors as the next family member takes over—a painful dilemma for a family already grappling with the loss of a loved one.

The United States stands out as one of the few countries imposing a death tax, and ours is a substantial one at 40%. We have inadvertently left our farmers and business owners vulnerable. Instead of fostering an environment for them to flourish, they find themselves preoccupied with questions over how to sustain their businesses.

This is an issue that hits us hard at home. In Oklahoma, where hard work and perseverance are ingrained values, approximately 99.45% of businesses fall under the small business classification, according to the Small Business Association's data. However, our state is grappling with the suffocating impact of the death tax, squeezing the financial resilience of families striving to continue their legacies.

This is why I am a proud cosponsor of H.R. 7035, Representative’s Feenstra’s (R-IA) legislation, the Death Tax Repeal Act. This proposed legislation seeks to repeal the death tax for all Americans, empowering small businesses to continue thriving even after the torch has been passed. By repealing this provision, we not only support our existing business owners but also inspire more Americans to seek entrepreneurship.

With costs on the rise, countless Americans are being constrained by federal taxation. Our nation was founded on the ideas of limited government overreach and free market economic principles. We must ensure that our businesses continue to thrive for generations to come.