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Today, Congressman Bob Latta (R-OH5) reintroduced the Permanently Repeal the Estate Tax Act to eliminate the Federal Estate Tax, also known as the death tax.

“For years, the death tax has placed an unfair and overwhelming burden on small business owners, farmers, and ranchers, who inherit businesses from their family members,” Latta said. “Repealing the Federal Estate Tax will bring a much-needed monetary reprieve to hardworking families across our country, which is why I’m pleased to lead this effort in Congress. Securing the economic prosperity for future generations of Americans is a worthy goal and releasing them from this burdensome and unnecessary tax is a good first step.” 

Background on the Estate Tax:

In sectors that require high capital investment, such as agriculture, families often struggle to meet the tax requirements imposed by the Estate Tax because their liquid assets are much lower than the value of the land, property, and equipment. Latta’s legislation would repeal Chapter 12 of the tax code (estate tax provisions) and ensures that Americans are not taxed on the increased value of an estate by retaining the stepped-up basis at death.

Latta’s Efforts to Repeal the Estate Tax:

As a Member of the U.S. House of Representatives (House), Latta has introduced this piece of legislation in previous sessions of Congress. As a former member of the Ohio state legislature, Latta also led efforts to eliminate the Ohio Estate Tax prior to serving in the House.