Rounds Cosponsors Thune Bill to Fully Repeal Death Tax
WASHINGTON—U.S. Sen. Mike Rounds (R-S.D.) today announced he cosponsored the Death Tax Repeal Act, reintroduced by Sen. John Thune (R-S.D.). Rounds cosponsored this legislation during the 114th and 115th Congresses.
“When the Tax Cuts and Jobs Act was signed into law, it included measures to temporarily double the exemption rate of the death tax,” said Rounds. “However, permanent repeal is necessary to make certain that family farms and ranches will be able to be passed down for generations to come.”
The Death Tax Repeal Act would repeal the federal estate tax and the generation-skipping transfer tax. It would make permanent a maximum 35 percent gift tax rate and the lifetime gift-tax exemption, indexed for inflation. It would maintain the stepped-up basis rule under current law.
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Wasn’t Rounds the one who came out against including repeal of the death tax in tax reform? One of the top issues for both Thune and Noem, and Rounds threw cold water on the idea publicly..
After all we need to give millionaires and billionaires another break, then we can go after Medicaid and Medicare.