Barry Moore: ‘The death tax is an unfair double tax on American family farms and small businesses’

(YHN)

U.S. Rep Barry Moore (R-Enterprise) believes that part of the current federal tax code is hurting family farms in Alabama and across the country.

Moore and scores of other GOP lawmakers are co-sponsoring the U.S. House version of the “Death Tax Repeal Act,” which was introduced by U.S. Rep. Randy Feenstra (R-Iowa).

“The death tax is an unfair double tax on American family farms and small businesses,” Moore said Wednesday.

The bill 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.

The legislation is also getting support from farming and other agricultural organizations.

“Eliminating the estate tax ensures that agricultural retailers can preserve generational family ownership, reinvest in their communities, and continue to support the farmers who depend on them without the financial strain of estate liquidation or costly tax burdens,” said Richard Gupton, Senior Vice President of Policy and Counsel at the Agricultural Retailers Association. “The Agricultural Retailers Association applauds Rep. Feenstra for introducing this legislation and urge other members to support it.”

U.S. Senators Tommy Tuberville (R-Auburn) and U.S. Senator Katie Britt (R-Montgomery) is cosponsoring the Senate version of the bill.

“The Death Tax destroys American jobs by stifling profitable businesses that employ hardworking Americans,” Tuberville said. “Our government should be focused on creating an economic environment that preserves small businesses and family farms, instead of taxing them out of operation. I will keep pushing for policies that incentivize our next generation of farmers and business owners so that we can continue to rely on their contributions for a strong economy.”

Yaffee is a contributing writer to Yellowhammer News and hosts “The Yaffee Program” weekdays 9-11 a.m. on WVNN. You can follow him on X @Yaffee

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