Sen. Joni Ernst (R-IA) News Release
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"Families shouldn't have to sell major portions of their businesses or farms after the death of a parent just to afford the 40 percent estate tax. Breaking apart a family's livelihood is neither fair or good for the economy, especially since families are often forced to sell to large corporations. My legislation would cut that rate in half, bringing the rate in line with the current capital gains rate and making it much easier to preserve a family's legacy and way of life," said Senator
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Background:
Earlier this year, Ernst joined an effort to permanently repeal the federal estate tax, more commonly known as the death tax. The Death Tax Repeal Act of 2021 would finally end this purely punitive tax that has the potential to hit
Only 30% of family-owned businesses survive the transition from first to second-generation ownership, 12% survive from second to third-generation ownership, and just 13% of family businesses remain in the family for more than 60 years.
Read this original document at: https://www.ernst.senate.gov/public/index.cfm/press-releases?ID=B7ED146E-92A0-4ADB-B4FC-BA5399E4530E
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