Today, U.S. Senators Saxby Chambliss (R-Ga.) and Johnny Isakson (R-Ga.) again cosponsored legislation to permanently repeal the federal estate tax, better known as the "death tax." The bill would finally put an end to the punishing tax on family farms, ranches, and businesses upon the death of an owner.
The Death Tax Repeal Act of 2013 (S. 1183, H.R. 2429) is nearly identical to legislation introduced in the 112th Congress that garnered the bipartisan support of 223 Representatives and 38 Senators, including Isakson and Chambliss. The Senate and House bills were re-introduced this time by Senator John Thune (R-S.D.) and Representative Kevin Brady (R-Texas).
"I have always said this tax is unnecessary and burdensome to American families, especially those who own small businesses and farms," said Chambliss, former chairman and ranking member of the Senate Committee on Agriculture, Nutrition and Forestry. "It is unfair to working Americans who have hopes of passing down their life savings to their children and grandchildren, and it must be repealed."
"We should permanently repeal the death tax so that hard-working taxpayers can pass along their savings to their children and grandchildren tax-free. That's good for families and small businesses, and it's good for our economy," said Isakson, a member of the Senate Finance Committee. "I will continue to do everything I can to see that we repeal the death tax permanently."
The legislation 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.
In addition to Chambliss and Isakson, Thune's bill is cosponsored by Senators Kelly Ayotte (R-N.H.), John Barrasso (R-Wyo.), Roy Blunt (R-Mo.), John Boozman (R-Ark.), Dan Coats (R-Ind.), John Cornyn (R-Texas), Mike Crapo (R-Idaho), Mike Enzi (R-Wyo.), Deb Fischer (R-Neb.), Jeff Flake (R-Ariz.) Chuck Grassley (R-Iowa), Orrin Hatch (R-Utah), Dean Heller (R-Nev.), Jim Inhofe (R-Okla.), Mike Johanns (R-Neb.), Mark Kirk (R-Ill.), Mike Lee (R-Utah), Mitch McConnell (R-Ky.), Jerry Moran (R-Kan.), Jim Risch (R-Idaho), Pat Roberts (R-Kan.), Marco Rubio (R-Fla.), Tim Scott (R-S.C.), Richard Shelby (R-Ala.), Pat Toomey (R-Pa.), and David Vitter (R-La.).
Brady's bill is cosponsored by Representatives John Duncan, Jr. (R-Tenn.), Jim Gerlach (R-Pa.), Tim Griffin (R-Ark.), Bill Johnson (R-Ohio), Sam Johnson (R-Texas), Kenny Marchant (R-Texas), Mike McIntyre (D-N.C.), David McKinley (R-W.Va.), Kristi Noem (R-S.D.), Devin Nunes (R-Calif.), and Austin Scott (R-Ga.).