Farmers work tirelessly in the fields from dawn until dusk, raising the next generation of producers to carry on their family traditions. Like all Americans, farmers experience seasons of plenty and seasons of drought. Watching a newborn calf trot past its mother or the feeling of parking the picker after rolling the last bale of cotton are some of the great moments that farmers deserve. However enjoyable those small moments may be, they are followed by the daily grind that farmers know all too well.

The generational succession of farm ownership from grandparents to parents to sons and daughters is a tradition that has been understood and respected throughout centuries of agricultural history. However, this succession can come with significant tax burdens that often jeopardize the future of the business. This imminent burden, known in the farming community as the “death tax” or federal estate tax, occurs when property is passed on to heirs after the loss of a loved one.

President Trump signed the Tax Cuts and Jobs Act (TCJA) in 2017, doubling the personal estate tax exemption from $5.5 million to $11 million and indexing the exemption to inflation, reducing the burden on farmers.

Unfortunately, unless Congress acts, the TCJA exemption will revert to $5.5 million on January 1, 2026. The impact of this change will be devastating for our nation's farmers, threatening the livelihoods and ability to operate for many. Since President Biden took office in 2021, the agricultural economy has 28 percent Rising input costs for fertilizer, fuel, feed, labor, etc. Additionally, farmers are facing soaring inflation and rising farmland prices. 7.4 percent It will be higher than in 2022.

Farmers are already facing tough economic times and constant government interference. That's why Senator John Thune's bill, Inheritance Tax Abolition Act (S.1108) is essential to repealing the estate tax and providing economic relief to farmers. Given the economic hurdles facing farmers, it is necessary to either repeal the estate tax altogether or at least maintain the increased exemption levels established in the TCJA.

There are more than 2 million farms in America, 44,000 of which are in Alabama. And 97 percent of the nation's farms are family-owned. We need to protect family farms so they can continue to feed American families for generations to come. As the global population continues to grow and the average age of American farmers approaches 60, we need to cut red tape so farmers can focus on what they do best: farming.

The current bleak economic outlook does not create conditions for the next generation of farmers to succeed. Our farmers already sacrifice enough without paying high taxes. Without change, farmers will not be able to keep up with rising costs. That's why we are proud to Inheritance Tax Abolition Act.

U.S. Senator Tommy Tuberville is a senator from Alabama and a member of the Senate Agriculture Committee. Jimmy Parnell is president of the Alabama Federation of Agriculture (ALFA) and a fifth-generation Alabama farmer.