Reps. Bishop and Arrington lead bill to help hard-working Americans by cutting estate tax rate

Published 9:42 pm Saturday, January 25, 2025

Press release

This week, Congressman Sanford D. Bishop, Jr., (GA-02) joined House Budget Chairman Jodey Arrington (TX-19) to introduce H.R. 601, the Estate Tax Rate Reduction Act. This bipartisan legislation would cut the estate tax in half and provide tax relief to family-owned businesses. Currently, the estate tax is the highest tax rate in the U.S. Tax Code at 40%.

“I am proud to join Congressman Arrington on this bipartisan effort to bring fairness to our families with businesses such as farms, funeral homes, radio stations, and others who are crushed by the overwhelming tax that comes at one of the most somber times of their lives – the death of a loved one,” said Congressman Bishop. “When Americans have rolled up their sleeves, worked hard their whole lives to provide for their children and take care of their loved ones and built family small businesses that drive local economies and feed our nation, the tax code should be fair and not stand in the way of one generation leaving the next a better life.”

“The Death Tax is an unfair double tax that could force the next generation to sell their family business – on which they’ve paid a lifetime of taxes – to pay another tax simply because of a family member’s passing. Penalizing Americans who work their entire lives, build successful businesses, and seek to pass down a better life to their children and grandchildren is the antithesis of the American Dream,” said Congressman Arrington. “I am proud to introduce bipartisan legislation to cut this punishing and unnecessary financial burden.”