Posted on October 31, 2013
By Scott Harrison
U.S. Sen. Lamar Alexander (R-Tenn.) announced today he is cosponsoring a bill to permanently repeal the federal estate tax.
"Nobody should be forced to sell the farm or family-owned small business they've just inherited in order to pay the tax bill," Alexander said in a news release.
The legislation, introduced by Sen. John Thune (R- S.D.) in June, would repeal the federal estate tax – much like a bill passed by the Tennessee General Assembly in April 2012 that will eliminate Tennessee's inheritance tax after 2015.
Alexander, up for re-election next year, said Thune's bill would demonstrate "Tennessee common sense" on the national level.
"Tennessee benefits from being a low-tax state," Alexander said. "Transferring some of that common sense to Washington by eliminating the federal estate tax burden on farmers and small businesses is especially important as we try to get our economy moving again."