Washington, D.C. – U.S. Senator Marco Rubio (R-FL) and U.S. Representative Warren Davidson (R-OH) today reintroduced in the Senate and the House the Protect Family Farms and Businesses Act, which would prevent Internal Revenue Service (IRS) bureaucrats from ignoring 25 years of tax precedent and unilaterally reinterpreting 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 Rubio. “It’s important to deter the president from implementing these harmful rules during his final days in office and ensure future administrations do not seek to resurrect them.”
“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 Davidson.
On August 4, 2016, the Treasury Department proposed new rules that would change the way individuals calculate their death tax burden by making it nearly impossible for individuals to use well-accepted valuation discounts.
During the last Congress, Rubio and Davidson both introduced similar legislation that garnered 92 cosponsors in the House and 5 in the Senate. The bill was supported by numerous free market and business groups.