U.S. Senate candidate Chris McDaniel has signed a pledge to repeal the death tax, which has threatened farming families and small business owners in Mississippi and across America for decades.
The death tax, sometimes referred to as the “estate tax,” applies to property that is transferred after a family member passes away, imposing a further financial burden on the family farm of the deceased. The death tax hurts family farms, ranches and small businesses, and the communities in which they provide jobs. McDaniel says the farming industry is one of the backbones of Mississippi, and because of unnecessary taxes like the death tax, farmers are forced to sell off assets to pay the tax. That can lead to laying off workers, selling off equipment or liquidating entirely.
“The death tax is punitive,” said McDaniel. “It punishes success, and that’s not something that any government should be doing. No one should be punished for fulfilling the American dream. The death tax has crippled Mississippi’s farmers long enough.”
The Tax Foundation has said the death tax is one of the most inefficient sources of revenue. Moreover, avoiding the tax by setting up a trust can cost ten of thousands of dollars in legal fees.
As State Senator, McDaniel has fought for lower taxes. As United States Senator, McDaniel has promised to fight to repeal the death tax.
(McDaniel For US Senate Press Release)