U.S. Senator Tim Scott (R-SC) announced today that he has joined colleagues in introducing legislation that will permanently repeal the death tax. According to a study by the former director of the Congressional Budget Office, repealing the death tax, or federal estate tax, would create 1.5 million additional small business jobs and would lower the nation's unemployment rate by almost a full percentage point.
"People work their entire lives to build businesses and savings in order to lay a foundation for future generations and support their families even after they are gone," said Senator Scott. "Death should not be a reason for the government to take more of Americans' hard-earned money. Most family businesses fail to survive multiple generations, in part because the government heavily taxes the death of the individuals who started and fostered those businesses. We should not be stifling entrepreneurship and making it harder for families to get by when a loved one passes away."
The Death Tax Repeal Act of 2013 was introduced by Senator John Thune (R-SD) and Representative Kevin Brady (R-TX). Similar legislation received bipartisan support in both the Senate and the House of Representatives when it was introduced in the previous Congress.