Sens. Deb Fischer and Mike Johanns are sponsoring legislation to put an end to federal estate tax, commonly referred to as the "Death Tax".
According to Sen. Fischer, it would seek to repeal the federal estate tax, repeal the generation skipping transfer tax, make the maximum 35 percent gift tax and $5 million lifetime gift exemption permanent, and maintain stepped-up basis provisions for family farms and businesses.
"The death of a loved one should not put the hard work of generations at risk in order to pay a punitive tax to the federal government," Johanns shared. "Nebraskans know that many of these estates are not in the form of liquid assets, but rather the very land and equipment needed to continue operations."
Fischer says it is small business owners and family farmers who are being hit the hardest by the tax. "These families invest time, resources, energy, and faith in growing their businesses, farms, and ranches, which many hope to pass on to the next generation," she said. "This legacy is undermined, and sometimes prevented all together, by the unfair death tax.
The Death Tax Repeal Act of 2013 was introduced by Sen. John Thune (R-S.D.) in the Senate and Rep. Kevin Brady (R-Texas) in the House.