Florida Senate Marco Rubio reintroduced legislation that would stop the expansion of the estate tax levied on the combined assets from deceased individuals, also known as the death tax. Rubio is hoping his latest try will find a friendlier audience with Republicans controlling the Senate House and Oval Office.
“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.”
Rubio is once again co-sponsoring the legislation with Warren Davidson from Ohio. Critics of the measure say that few already pay the estate tax as is and that raising taxes on the wealthy is a popular budget talking point of President Obama and many of the Democrats in Washington. The Department of Treasury have also pushed new rules into play that would make exemptions from the tax more difficult.
“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.