Permanently abolishes punitive tax on family farms, ranches, businesses
Jun 19 2013
Washington, D.C. – U.S. Senator Marco Rubio (R-Fla.) today co-sponsored legislation to permanently repeal the federal estate tax, better known as the death tax, to finally put an end to this punitive 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) was introduced today by Senator John Thune (R-S.D.) and Representative Kevin Brady (R-Texas).
“When people depart from this earth, they should have the freedom to leave their assets to loved ones, or donate to worthy causes as they see fit,” said Rubio. “The death tax is unfair to taxpayers and hurts economic growth, making its repeal a commonsense necessity that will help encourage job creation. The American people are taxed enough already and face the devastating impact of ObamaCare’s new tax increases in just a few short months. Let’s repeal the death tax once and for all.”
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 Rubio, the Senate bill is co-sponsored in the Senate by Senators Kelly Ayotte (R-N.H.), John Barrasso (R-Wyo.), Roy Blunt (R-Mo.), John Boozman (R-Ark.), Saxby Chambliss (R-Ga.), 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.), Johnny Isakson (R-Ga.), 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.), Tim Scott (R-S.C.), Richard Shelby (R-Ala.), Pat Toomey (R-Pa.), and David Vitter (R-La.).
Brady’s House version of the bill is co-sponsored 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.).