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Death Tax Repeal Act of 2023
2/6/2024, 4:23 AM
Summary of Bill S 1108
Bill 118 s 1108, also known as the Death Tax Repeal Act of 2023, is a piece of legislation introduced in the US Congress with the aim of repealing the estate tax, commonly referred to as the "death tax." The estate tax is a tax imposed on the transfer of the estate of a deceased person.
The bill seeks to eliminate this tax entirely, which has been a contentious issue among lawmakers and the public for many years. Proponents of the bill argue that the estate tax is unfair and burdensome, as it can result in double taxation of assets that have already been taxed during the deceased person's lifetime.
Opponents of the bill, however, argue that the estate tax is necessary to prevent the concentration of wealth among a small number of individuals and to promote a more equitable distribution of wealth in society. If passed, the Death Tax Repeal Act of 2023 would have significant implications for the federal government's revenue stream and could potentially impact the distribution of wealth in the country. The bill is currently being debated in Congress, and its fate remains uncertain.
The bill seeks to eliminate this tax entirely, which has been a contentious issue among lawmakers and the public for many years. Proponents of the bill argue that the estate tax is unfair and burdensome, as it can result in double taxation of assets that have already been taxed during the deceased person's lifetime.
Opponents of the bill, however, argue that the estate tax is necessary to prevent the concentration of wealth among a small number of individuals and to promote a more equitable distribution of wealth in society. If passed, the Death Tax Repeal Act of 2023 would have significant implications for the federal government's revenue stream and could potentially impact the distribution of wealth in the country. The bill is currently being debated in Congress, and its fate remains uncertain.
Congressional Summary of S 1108
Death Tax Repeal Act of 2023
This bill repeals the estate and generation-skipping transfer taxes. It also makes conforming amendments related to the gift tax.
Read the Full Bill
Current Status of Bill S 1108
Bill S 1108 is currently in the status of Bill Introduced since March 30, 2023. Bill S 1108 was introduced during Congress 118 and was introduced to the Senate on March 30, 2023. Bill S 1108's most recent activity was Committee on Small Business and Entrepreneurship. Hearings held. as of January 24, 2024
Bipartisan Support of Bill S 1108
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
82Democrat Cosponsors
0Republican Cosponsors
82Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 1108
Primary Policy Focus
TaxationAlternate Title(s) of Bill S 1108
Death Tax Repeal Act of 2023
Death Tax Repeal Act of 2023
A bill to amend the Internal Revenue Code of 1986 to repeal the estate and generation-skipping transfer taxes, and for other purposes.
Comments
Sponsors and Cosponsors of S 1108
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