Lubbock Times

Washington, D.C. - Today, Chairman Jodey Arrington (TX-19) introduced the Estate Tax Rate Reduction Act, aimed at reducing the burden of the estate tax, commonly known as the "Death Tax." Arrington's proposed legislation seeks to cut the estate tax in half, providing tax relief specifically to family-owned businesses in the United States.

In a statement regarding the introduction of the Estate Tax Rate Reduction Act, Arrington expressed his concerns about the current estate tax system, labeling it as an unjust double tax that disproportionately affects hard-working Americans. He highlighted how this tax could potentially force future generations to sell their family businesses to meet tax obligations, undermining the essence of the American Dream.

"The Death Tax is an unfair double tax that could force the next generation to sell their family business - on which they’ve paid a lifetime of taxes - to pay another tax simply because of a family member’s passing. Penalizing Americans who work their entire lives, build successful businesses, and seek to pass down a better life to their children and grandchildren is the antithesis of the American Dream," said Arrington.

Additionally, Arrington emphasized his commitment to alleviating this financial burden on families by introducing legislation that would reduce the estate tax rate from 40 percent to 20 percent. The Estate Tax Rate Reduction Act aims to ease the tax obligations on family-owned businesses, enabling business owners to reinvest more of their earnings into expanding their operations and creating employment opportunities.

"I am proud to introduce legislation to cut this punishing and unnecessary financial burden," Arrington stated, underlining his dedication to advocating for tax relief for hardworking American families.

The proposed Estate Tax Rate Reduction Act, if enacted, could potentially bring significant financial respite to family-owned businesses across the country, allowing them to preserve their legacies and foster economic growth within their communities.