Senator Marco Rubio (R-FL) and Representative Warren Davidson (R-OH) today reintroduced in the House and the Senate the Protect Family Farms and Businesses Act, which would ultimately stop Internal Revenue Service (IRS) bureaucrats from completely reinterpreting the death tax law.
“I’m glad the incoming administration has signaled it intends to stop this terrible overreach from taking effect, because the Obama Administration’s attempt to unilaterally raise taxes on family farms, small businesses and entrepreneurs will kill jobs and hurt workers and their families,” said Sen. Rubio.
“As the Obama Administration has proven, when there are ambiguities in the law, those with radical agendas will take advantage of their power. This bill will protect families by preventing bureaucrats from overstepping their duty like they tried to do last year,” said Rep. Davidson.
On August 4, 2016, the Treasury Department proposed new rule changes that would alter the way individuals calculate their death tax burden by making it almost not possible for individuals to use well-accepted valuation discounts.
During the previous Congress, Rubio and Davidson both introduced very similar legislation that received 92 cosponsors in the House and 5 in the Senate. The bill also was backed by many free market and business groups.