Thune and Rounds push for end of 'death tax'

South Dakota senators John Thune and Mike Rounds were among a group of senators introducing legislation to permanently repeal the federal estate tax, also known as the death tax.
Thune says he wants to put an end to that tax on family farms, ranches and businesses, saying 70 percent of family businesses don't survive to the second generation.

Sen. Thune says, "Oftentimes what happens is you'll have people who may be asset rich but cash poor and so when the death tax hits them, they don't have the money to pay the death tax. They end up having to sell the farm and that's something we want to prevent and avoid. It is an inefficient tax. It's a tax which hits people at the worst possible time on things they've already been taxed on throughout their lives."

The Senate is expected to vote on the amendment later this week.