Death Tax Repeal Bills
H.R. 147 - Death Tax Repeal Act
Sponsor: Congressman Mac Thornberry (TX-13)
Cosponsors: 49
Summary:Death Tax Repeal Act - Repeals the federal estate, gift, and generation-skipping transfer taxes.
H.R. 177 - Death Tax Repeal Act
Sponsor: Congressman Tim Griffin (AR-2)
Cosponsors: 2
Summary: Death Tax Repeal Act - Repeals the federal estate, gift, and generation-skipping transfer taxes.
H.R. 483 - Farmers Against Crippling Taxes Act
Sponsor: Congressman Richard Hudson (NC-8)
Cosponsors: 63
Summary: Farmers Against Crippling Taxes Act - Repeals the federal estate, gift, and generation-skipping transfer taxes.
H.R. 782 - Permanently Repeal the Estate Tax Act of 2013
Sponsor: Congressman Robert Latta (OH-5)
Cosponsors: 6
Summary: Permanently Repeal the Estate Tax Act of 2013 - Repeals the federal estate tax, effective for estates of decedents dying after December 31, 2012.
H.R. 2429 - Death Tax Repeal Act of 2013
Sponsor: Congressman Kevin Brady (TX-8)
Cosponsors: 221
Summary: Death Tax Repeal Act of 2013 - Amends the Internal Revenue Code to: (1) repeal the estate and generation-skipping transfer taxes, and (2) make permanent the maximum 35% gift tax rate and a $5 million lifetime gift tax exemption. Provides for an inflation adjustment to such exemption amount.
Family Business Coalition Supports this bill.
S. 1183 - Death Tax Repeal Act of 2013
Sponsor: Senator John Thune (SD)
Cosponsors: 37
Summary: Death Tax Repeal Act of 2013 - Amends the Internal Revenue Code to: (1) repeal the estate and generation-skipping transfer taxes, and (2) make permanent the maximum 35% gift tax rate and a $5 million lifetime gift tax exemption. Provides for an inflation adjustment to such exemption amount.
Family Business Coalition Supports this bill.
Business and Personal Tax Bills
H.R. 25 - Fair Tax Act of 2013
Sponsor: Congressman Rob Woodall (GA-7)
Cosponsors: 73
Summary: Fair Tax Act of 2013 - Repeals the income tax, employment tax, and estate and gift tax. Redesignates the Internal Revenue Code of 1986 as the Internal Revenue Code of 2013.
Imposes a national sales tax on the use or consumption in the United States of taxable property or services. Sets the sales tax rate at 23% in 2015, with adjustments to the rate in subsequent years. Allows exemptions from the tax for property or services purchased for business, export, or investment purposes, and for state government functions.
Sets forth rules relating to: (1) the collection and remittance of the sales tax, and (2) credits and refunds. Allows a monthly sales tax rebate for families meeting certain size and income requirements.
Grants states the primary authority for the collection of sales tax revenues and the remittance of such revenues to the Treasury. Sets forth administrative provisions relating to: (1) the filing of monthly reports and payments of tax; (2) accounting methods; (3) registration of sellers of goods and services responsible for reporting sales; (4) penalties for noncompliance; and (5) collections, appeals, and taxpayer rights.
Directs the Secretary of the Treasury to allocate sales tax revenues among: (1) the general revenue, (2) the old-age and survivors insurance trust fund, (3) the disability insurance trust fund, (4) the hospital insurance trust fund, and (5) the federal supplementary medical insurance trust fund.
Prohibits the funding of the Internal Revenue Service (IRS) after FY2017. Establishes in the Department of the Treasury: (1) an Excise Tax Bureau to administer excise taxes not administered by the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF); and (2) a Sales Tax Bureau to administer the national sales tax.
Terminates the sales tax imposed by this Act if the Sixteenth Amendment to the U.S. Constitution (authorizing an income tax) is not repealed within seven years after the enactment of this Act.