Sen. John Thune (S.D.) and Rep. Kevin Brady (Texas) re-introduced bipartisan legislation in the Senate and House of Representatives, respectively, to repeal permanently the U.S. federal estate tax, better known as the death tax.
Thune and Brady's bill, the Death Tax Repeal Act of 2013, is nearly identical to legislation introduced in the 112th Congress that garnered the bipartisan support of 223 representatives and 38 senators. It is, they said, "intended to eliminate this punitive tax on family farms, ranches and businesses upon the death of an owner."
In 2012, estates paid a 35-percent tax after an inflation-adjusted $5 million exemption, and, prior to the enactment of the American Taxpayer Relief Act (ATRA), the tax was scheduled to revert this year to 2001 tax law with a $1 million exemption and a 55-percent top tax rate. ATRA prevented that change, but, instead, indexed the 2011 exemption for inflation - to $5.25 million for 2013 - and set a 40-percent tax rate.
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