Rounds Cosponsors Bill to Repeal Death Tax
WASHINGTON—U.S. Sen. Mike Rounds (R-S.D.) today joined U.S. Senator John Thune (R-S.D.) and 25 colleagues in introducing legislation to permanently repeal the federal estate tax, which will bring tax relief to farmers, ranchers and small business owners.
“Currently, 70 percent of family businesses do not survive to the second generation, in part because of this additional tax which may force the sale of a family business upon the death of one of the owners,” said Rounds.
A similar bill was introduced in the House of Representatives with more than 100 cosponsors.