Thune: The Death Tax Looms Over South Dakota’s Farmers and Ranchers
“Many of the farmers and ranchers in my state know that without careful and costly planning, the federal government will come around after their death demanding a staggering 40 percent of their estate, and their children won’t have the money to pay without risking the farm or ranch.”
WASHINGTON — U.S. Sen. John Thune (R-S.D.) this week discussed an important objective of the Senate Republicans’ pro-growth, comprehensive tax reform legislation: repealing the death tax. Thune explained that South Dakota farmers and ranchers spend tens of thousands of dollars each year to avoid the death tax and preserve their family farms for generations to come – wasted resources that could be used to reinvest back into the business, create new jobs, and increase wages. If these owners don’t plan accordingly and take costly steps to avoid being hit by the death tax, their family might have no choice but to sell off land to pay the government – which means losing income-generating property or the entire family-run farm or ranch.