Congressman Tim Griffin (AR-02) issued the following statement after introducing the Death Tax Repeal Act (H.R. 6279):
"Americans work hard to build their businesses, provide for their families and create jobs. Their success does not belong to the federal government, and the benefits of their labor shouldn't be confiscated when they die. The death tax--scheduled to rise to a staggering 55 percent next year--threatens family farms, small businesses and jobs. That's why I've introduced the Death Tax Repeal Act, which will kill this form of double taxation, help create jobs, and reaffirm Americans' right to pass on their assets to their kids and grandkids."
Rep. Griffin's bill is identical to S. 3403, which Sen. John Boozman (R-AR) introduced in the Senate on July 19, 2012. It would permanently eliminate the federal estate, gift and generation-skipping transfer (GST) taxes contained in Subtitle B of the Internal Revenue Code of 1986.
According to a February 2009 analysis co-authored by former Congressional Budget Office (CBO) Director Douglas Holtz-Eakin for the American Family Business Foundation, killing the death tax would improve the economy by:
Increasing small business capital by over $1.6 trillion
Increasing the probability of hiring by 8.6 percent
Increasing payrolls by 2.6 percent
Expanding investment by 3 percent
Creating 1.5 million additional small business jobs
Reducing the unemployment rate by 0.9 percent