Lafayette Reporter

Senator John Kennedy of Louisiana, alongside Senate Majority Leader John Thune from South Dakota and 44 other colleagues, has introduced the Death Tax Repeal Act. This proposed legislation aims to eliminate the federal estate tax, which currently requires payment when property, businesses, or land are transferred after an individual's death.

Kennedy emphasized the importance of supporting family-run businesses, stating, "The government shouldn’t discourage Louisiana’s farmers or landowners from keeping family businesses alive when a person passes away. I’m proud to join my colleagues in introducing the Death Tax Repeal Act to support America’s family-run businesses."

Thune also highlighted the significance of family farms and ranches in rural communities. He remarked, "Family farms and ranches play a vital role in our economy and are the lifeblood of rural communities in South Dakota. Losing even one of them to the death tax is one too many. It’s time to put an end to this punishing, burdensome tax once and for all so that family farms, ranches and small businesses can grow and thrive without costly estate planning or massive tax burdens that can threaten their viability."

A number of senators have co-sponsored the bill including Jim Banks (R-Ind.), John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), among others. In total, 46 senators have shown their support for this legislative effort.

In addition to its introduction in the Senate, Representative Randy Feenstra from Iowa has brought forward similar legislation in the House of Representatives.