WASHINGTON - U.S. Sen Jim Inhofe (R-Okla.) today cosponsored legislation to permanently repeal the federal estate tax, more commonly known as the death tax. The Death Tax Repeal Act of 2017 would finally end this purely punitive tax that has the potential to hit family farms, ranches and small businesses as the result of the owner’s death.
“For too long the death tax has burdened our farmers, ranchers and small business owners in Oklahoma,” Inhofe said. “I’m proud to have cosponsored this legislation, which prevents the government from double-dipping into the pockets of hard-working Americans. It’s high time we repealed this measure and I look forward to doing so this congress.”
“The death tax has created many undue burdens for Oklahoma farmers and ranchers,” said Tom Buchanan, president of the Oklahoma Farm Bureau. “In many instances, it has forced liquidation of the land itself. Oklahoma Farm Bureau supports the efforts of Sen. Inhofe to repeal the unfair tax, and urges the passage of this legislation.”
This bill was introduced by Sen. John Thune (R-S.D.) and is cosponsored by U.S. Sens. Jim Inhofe (R-Okla.), Lamar Alexander (R-Tenn.), John Barrasso (R-Wyo.), Roy Blunt (R-Mo.), John Boozman (R-Ark.), Thad Cochran (R-Miss.), John Cornyn (R-Texas), Mike Crapo (R-Idaho), Ted Cruz (R-Texas), Steve Daines (R-Mont.), Mike Enzi (R-Wyo.), Joni Ernst (R-Iowa), Deb Fischer (R-Neb.), Cory Gardner (R-Colo.), Chuck Grassley (R-Iowa), Dean Heller (R-Nev.), John Hoeven (R-N.D.), Johnny Isakson (R-Ga.), Mike Lee (R-Utah), Mitch McConnell (R-Ky.), Jerry Moran (R-Kan.), Pat Roberts (R-Kan.), Mike Rounds (R-S.D.), Tim Scott (R-S.C.), Richard Shelby (R-Ala.), and Thom Tillis (R-N.C.).