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Thursday, November 21, 2024

Tuberville advocates for repeal of death tax in Yellowhammer News op-ed

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US Senator for Alabama | US Senator for Alabama website

US Senator for Alabama | US Senator for Alabama website

On June 20, 2024, U.S. Senator Tommy Tuberville (R-AL) co-authored an op-ed in Yellowhammer News with Jimmy Parnell, President of the Alabama Farmers Federation (ALFA) and a fifth-generation Alabama farmer. The piece discusses the impact of the Tax Cuts and Jobs Act, signed into law under President Trump in 2017, which doubled the individual death tax exemption from $5.5 million to $11 million and indexed it to inflation. This provision is set to expire on January 1, 2026, unless Congress intervenes.

Senator Tuberville emphasized legislation he is sponsoring, the Death Tax Repeal Act, which aims to eliminate the death tax altogether. This measure seeks to ensure that farmers can continue their operations without the financial burden associated with estate taxes.

The op-ed includes reflections on the challenges faced by farmers: “From dawn to dusk, farmers work tirelessly in the field while raising the next generation of producers to carry on the family’s legacy... However joyous those small moments may be, they are followed by the daily struggles farmers know all too well.”

The piece underscores the importance of protecting family farms from generational tax burdens: “A generational passing-down of farm ownership from grandparents to parents to sons and daughters is a tradition understood and respected across centuries of farming. However, this transition can involve a hefty tax, which often jeopardizes the future of an operation.”

With over 2 million farms in America and 44,000 in Alabama alone—97 percent of which are family-owned—the authors stress the need for legislative action: “We must protect our family farms and ensure they continue to feed American families for generations to come.”

Senator Tommy Tuberville represents Alabama in the United States Senate and serves on several committees including Armed Services, Agriculture, Veterans’ Affairs, and HELP.

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