Rep. Bishop Supports Bill to Lower Estate Taxes

A new bipartisan effort to alleviate estate, gift, and generation-skipping transfer taxes has gained momentum with the addition of Democratic Rep. Sanford D. Bishop (D-GA) as a co-sponsor. The bill, designated as 7993, was initially introduced in April by Republican Rep. Jodey C. Arrington (R-TX), who co-chairs the Congressional Family Business Caucus. The proposed legislation aims to amend the Internal Revenue Code of 1986, reducing the tax rate on these transfers to 20%. The coalition behind the bill emphasizes its commitment to representing mainstream American values, seeking to appeal to a broad spectrum of the House of Representatives. With Rep. Bishop's support, the bill now enjoys bipartisan backing, which advocates believe will enhance its chances of being heard in Congress. Pat Soldano, President of the Policy and Taxation Group, expressed optimism about the bill's potential impact, stating that it would help families preserve their savings across generations. The Policy and Taxation Group has been a leading voice since 1995 in advocating for the reduction or elimination of estate, gift, and generation-skipping taxes. The organization, which operates as a 501(c)(4), represents families affected by these taxes and works to counteract policies perceived as detrimental to hard work and success. Family Enterprise USA, another key player in this advocacy, focuses on promoting the sustainability and growth of generationally owned family businesses in Washington, D.C.