Jun 19 2013
Bill Provides Important Tax Relief for Farmers, Ranchers, Small Business Owners
Washington, D.C. – U.S. Senator Deb Fischer (R-Neb.) announced today that she is cosponsoring the Death Tax Repeal Act of 2013 (S.1183), a bill to abolish the federal estate tax, commonly known as the “death tax.”
“I believe it is wrong to tax hardworking Americans twice – once when they earn their money, and again when they give it away. Nebraskans know all too well that small business owners and family farmers and ranchers – our chief job creators – are hit hardest by the death tax,” said Senator Fischer. “These families invest time, resources, energy, and faith in growing their businesses, farms, and ranches, which many hope to pass on to the next generation. This legacy is undermined, and sometimes prevented all together, by the unfair death tax. That is why fully and permanently repealing the death tax is a top priority of mine, and this legislation accomplishes that goal.”
The Death Tax Repeal Act:
- Repeals the federal estate tax;
- Repeals the generation skipping transfer (GST) tax;
- Makes permanent a maximum 35 percent gift tax and a $5 million lifetime gift exemption; and
- Maintains stepped-up basis provisions important for family farms and businesses.
Cosponsors to the Death Tax Repeal Act include Senators Thune, McConnell, Hatch, Cornyn, Barrasso, Rubio, Johanns, Boozman, Grassley, Shelby, Crapo, Heller, Inhofe, Moran, Chambliss, Roberts, Vitter, Kirk, Enzi, Risch, Isakson, Blunt, Lee, Toomey, and Ayotte.The Death Tax Repeal Act is supported by the American Farm Bureau Federation, Associated Builders and Contractors, National Association of Manufacturers, National Federation of Independent Business, 60 Plus Association, Americans for Tax Reform, Club for Growth, National Black Chamber of Commerce, International Franchise Association, National Taxpayers Union, American Conservative Union, Family Business Coalition, and many others.