Duval Times

Senator Rick Scott has joined Senate Majority Leader John Thune, Finance Committee Chairman Mike Crapo, and 43 other senators in reintroducing the Death Tax Repeal Act. The proposed legislation aims to eliminate the federal estate tax, commonly known as the death tax, which affects family businesses, farms, and ranches upon the owner's death.

Senator Scott emphasized the impact of this tax on Florida families who have invested their lives in small businesses such as farms and ranches. "Florida families who have dedicated their lives to starting small businesses, like farms and ranches, help put food on tables and fuel the state’s economy," he stated. He expressed pride in supporting legislation that ensures these family-owned enterprises can continue thriving for future generations without facing financial burdens.

Senate Majority Leader Thune highlighted the importance of family farms and ranches to rural communities in South Dakota. "Family farms and ranches play a vital role in our economy and are the lifeblood of rural communities in South Dakota," he said. Thune called for an end to what he described as a "punishing" tax that threatens the viability of these businesses.

Finance Committee Chairman Crapo pointed out how crucial small businesses are to Idaho's economy. "Small businesses are the lifeblood of Idaho’s economy," he noted, adding that the death tax poses a significant challenge for American families wishing to pass down their enterprises.

The bill has garnered support from numerous senators including Jim Banks, John Barrasso, Marsha Blackburn, John Boozman, Katie Britt, Ted Budd among others. In parallel with this Senate initiative, companion legislation was introduced in the U.S. House of Representatives by Representative Randy Feenstra.