[Congressional Record Volume 159, Number 112 (Wednesday, July 31, 2013)]
[Senate]
[Page S6129]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. BOOZMAN:
  S. 1402. A bill to repeal the Federal estate and gift taxes; to the 
Committee on Finance.
  Mr. President, part of the American Dream is to build an inheritance 
that will benefit our future generations. The death tax works against 
that idea by making planning and passing on family farms and businesses 
to the next generation even more difficult. Often times the cost is too 
much to absorb and families end up spending their hard-earned money on 
attorney fees, selling their land or business and its assets, or laying 
off workers just to pay Uncle Sam. We need to eliminate polices like 
the death tax that create unnecessary burdens on our agriculture 
community and family businesses. The Death Tax Repeal Act would 
permanently eliminate the federal estate and gift taxes that punish 
America's agriculture producers and small business owners. According to 
a study by Douglas Holtz-Eakin, a former director of the non-partisan 
Congressional Budget Office, repealing the death tax would create 1.5 
million additional small business jobs and would decrease the national 
unemployment rate by nearly 1 percent.
  Mr. President, I ask unanimous consent that the text of the bill be 
printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                S. 1402

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Death Tax Repeal Act''.

     SEC. 2. REPEAL OF ESTATE AND GIFT TAXES.

       (a) In General.--Subtitle B of the Internal Revenue Code of 
     1986 (relating to estate, gift, and generation-skipping 
     taxes) is hereby repealed.
       (b) Effective Date.--The repeal made by subsection (a) 
     shall apply to estates of decedents dying, gifts made, and 
     generation-skipping transfers made after the date of the 
     enactment of this Act.
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