It's time to kill the death tax

We’re all familiar with the grief and pain that comes with losing a loved one. Whether a death is unexpected or occurs after a long battle with an illness, families must make funeral arrangements, settle an estate, and manage any outstanding personal or business debts. The last thing families need is an enormous tax bill – known as the death tax – from the federal government after a family death.

Over 99% of our nation’s two million farms and ranches and over 95% of our nation’s small businesses are owned and operated by individuals and families. This means that nearly every farmer and small business owner – from Iowa to Florida – is impacted by this onerous tax. That’s why we recently introduced the Death Tax Repeal Act, which would permanently repeal the death tax, which imposes an unfair and costly tax on the transfer of property, land, and other assets from a deceased family member to heirs of family farms and small businesses.

In North Central Florida and Northwest Iowa – the two areas that we each represent – family farms make up a significant share of the local economy and the available rural lands. In Florida, timber, blueberry, watermelon, dairy, and aquaculture farmers make up a significant portion of North Florida, while farmers in Northwest Iowa are among the top producers of corn, soybeans, pork, beef, eggs, and turkey in the nation.

Farming today is not an easy business, and to produce these crops that feed, clothe, and fuel or nation year-round is no small task. Amid rising prices and an administration intent on making it harder to survive our current economic climate, our family farmers live on thinner and thinner margins by the day.

These family farms and other small businesses across the country, however, are worth the hard work. Ask any family-operated agricultural operation or mom-and-pop shop and they’ll tell you as much. Despite the high costs of doing business and the growing regulatory hurdles they jump over to remain operational, the pride these Americans have in the work they, their families, and employees do is second to none.

Multi-generational, family-owned agricultural operations and small businesses are part of what makes America the best place to live, work, and raise a family. We should be doing everything we can to encourage the next generation of American farmers and businesses to continue these time-honored traditions and keep American farms in the hands of American families.

As China accelerates its purchases of American farmland, ceding control of our precious resource-rich lands to an adversary is nonsensical. When we force families to sell off their assets, including land, livestock, farm equipment, and homes, to pay the death tax, we leave these operations in the lurch and vulnerable to our foreign adversaries, especially China.

In the U.S. House of Representatives, nearly 170 of our colleagues joined us in this tax-cutting effort. 194 organizations, including the American Farm Bureau Federation, National Restaurant Association, National Federation of Independent Business (NFIB), Family Business Coalition, have also supported the Death Tax Repeal Act, and stand with us in spurring new entrepreneurial activity and investment in our local communities.

Benjamin Franklin once said, “in this world nothing can be said to be certain, except death and taxes.” While he was ahead of his time in recognizing the truth of this statement, he certainly would work to make sure the two don’t go together. Our farmers and small businesses are already under attack from rising prices and high input costs under the Biden administration.

The last thing they need is to receive a tax bill that threatens our future and forces them to sell off their assets for Uncle Sam. This double tax must be eliminated immediately, and we will see to it that it is.

This op-ed was originally published in the Washington Times on March 8, 2024.