Thune: Estate tax a ‘nightmare’

Sen. John Thune (R-S.D.) is trying to build momentum for a repeal of the estate tax, calling the levy a “nightmare” for grieving families.

In an op-ed published by the Rapid City Journal, Thune blasted the tax he and other Republicans have billed a “death tax,” saying it “violates the basic premise of the American dream.”

{mosads}“The federal government shouldn’t force grieving families to pay a tax on their loved one’s life savings, built from income that has already been taxed by Uncle Sam,” he wrote. “Death shouldn’t be a taxable event.”

Thune’s push comes as the House is gearing up for push to repeal the estate tax. The chamber is expected to vote on a bill killing the tax later this week. However, the bill faces some hurdles, as President Obama and other Democrats have been quick to criticize it, and the Congressional Budget Office determined the repeal would add nearly $270 billion to the deficit.

Meanwhile in the Senate, Thune has his own estate tax repeal legislation, which has garnered over two dozen cosponsors, including Senate Majority Leader Mitch McConnell (R-Ky.).

When considering its budget in March, all but one Senate Republican voted in favor of a nonbinding amendment calling for a repeal of the tax.

Democrats have been quick to criticize the repeal effort as a push to benefit the nation’s wealthiest families by letting them keep a larger portion of family wealth through inheritance. But Thune said back in his home state, it’s family farms that could feel the pinch, saying that nearly one-third of farms in the state could be subject to the estate tax.

“In some cases, families have to sell land just to pay the death tax, which punishes farmers and entrepreneurs for a lifetime of hard work,” he wrote. “By keeping more money in the hands of hard-working Americans, they will have a better opportunity to build a stronger economic future for their families and our country.”