Nearly 99% of our nation’s farms and ranches and over 95% of our nation’s small businesses are owned and operated by individuals and families. Family-owned businesses and family farms that have been passed down for generations fuel our economy. Managing a small business or farm operation is no small feat, especially with the current economic climate, and especially for families, which is why it’s a shame that the federal government sees these operations as an opportunity for increased tax revenue.
Managing a family farm or business takes exponential hard work and dedication. So, when there is a death in the family, it can seriously impact the future of their operation. Unfortunately, when a family member passes away, their loved ones are often faced with an onerous tax on transferring land and other assets to the heirs of their family farm or businesses to keep them up and running. This is known as the death tax.
Grieving families should be able to continue the legacy of their loved ones without having their hardship compounded by the federal government. Family farms and small businesses are critical to Arkansans, so we must continue to support them.
I’m a proud cosponsor of the Death Tax Repeal Act, with overwhelming support from colleagues on both sides of the aisle, to fully repeal the death tax which is the worst form of double taxation. This critical piece of legislation will permanently eliminate the death tax to ensure that Arkansans can afford to keep their businesses and the legacy of their families alive. Eliminating the death tax will ensure that our land stays in the hands of hardworking Americans rather than our foreign adversaries like China or gobbled up by large corporations. It will empower the next generation of Arkansas farmers and small business owners to continue their family operations and contribute to our economy for years to come.
