Washington, DC —
Senator John Thune today issued the following statement regarding the defeat of legislation to permanently repeal the estate tax. The legislation was killed by a procedural vote of 57-41.
"Today I voted in support of permanently repealing the unfair death tax that burdens South Dakota's family farmers and small business owners. Not only does this tax devastate family farms and businesses, it hits them at the worst time—when they are dealing with the loss of a loved one.
"We need to be putting in place incentives for our young people to keep rural America alive and strong. The death tax is an incentive for exactly the opposite effect. It can help push young people away from carrying on the family business in rural places.
"The defeat of this bill will effectively return the death tax to the exorbitant rate of 55 percent. This is a real disappointment for farmers, ranchers and small business owners across South Dakota who were counting on the Senate to do the right thing for them and their families.
"It is simply unfair for death to be a taxable event, and I will continue to work in Congress to see a permanent end to this unfair tax."
"Today I voted in support of permanently repealing the unfair death tax that burdens South Dakota's family farmers and small business owners. Not only does this tax devastate family farms and businesses, it hits them at the worst time—when they are dealing with the loss of a loved one.
"We need to be putting in place incentives for our young people to keep rural America alive and strong. The death tax is an incentive for exactly the opposite effect. It can help push young people away from carrying on the family business in rural places.
"The defeat of this bill will effectively return the death tax to the exorbitant rate of 55 percent. This is a real disappointment for farmers, ranchers and small business owners across South Dakota who were counting on the Senate to do the right thing for them and their families.
"It is simply unfair for death to be a taxable event, and I will continue to work in Congress to see a permanent end to this unfair tax."