News release from the office of Roy Blunt, US. Senator for Missouri:
WASHINGTON, D.C. – U.S. Senator Roy Blunt (Mo.) co-sponsored the "Death Tax Repeal Act of 2013," which was reintroduced today by U.S. Senator John Thune (S.D.) to permanently eliminate the devastating federal estate tax on family farms, ranches, and small businesses.
Missouri has more than 100,000 individual farms – the second highest number of farms of any state in America. The bill would repeal the federal estate tax; repeal the generation skipping transfer tax; make permanent a maximum 35 percent gift tax rate and a $5 million lifetime gift tax exemption, indexed for inflation; and maintain the stepped-up basis provisions important to family farms and businesses.
"The death tax is a devastating blow to our nation's family businesses and farmers who are trying to plan for the future and transition from one generation to the next – especially in states like Missouri, which relies heavily on agriculture revenue," said Blunt, who serves as Ranking Member of the Senate Appropriations Subcommittee on Agriculture, Rural Development, Food and Drug Administration, and Related Agencies.
The Death Tax Repeal Act of 2013 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 other organizations.
The legislation is also co-sponsored by U.S. Senators Kelly Ayotte (N.H.), John Barrasso (Wyo.), John Boozman (Ark.), Saxby Chambliss (Ga.), Dan Coats (Ind.), John Cornyn (Texas), Mike Crapo (Idaho), Mike Enzi (Wyo.), Deb Fischer (Neb.), Jeff Flake (Ariz.) Chuck Grassley (Iowa), Orrin Hatch (Utah), Dean Heller (Nev.), Jim Inhofe (Okla.), Johnny Isakson (Ga.), Mike Johanns (Neb.), Mark Kirk (Ill.), Mike Lee (Utah), Mitch McConnell (Ky.), Jerry Moran (Kan.), Jim Risch (Idaho), Pat Roberts (Kan.), Marco Rubio (Fla.), Tim Scott (S.C.), Richard Shelby (Ala.), Pat Toomey (Pa.), and David Vitter (La.).
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