{"bills":[{"photos":{"featured":"https://assets.countable.us/bill/photo/hr1105-114/featured_death-tax-repeal-act-of-2015-1454548151.jpg","featured_large":"https://assets.countable.us/bill/photo/hr1105-114/featured_large_death-tax-repeal-act-of-2015-1454548151.jpg","shareable":"https://n.countable.us/share-images/bills/hr1105-114.png"},"introduced_on":"2015-02-26","title_override":"Attention Heirs: Repealing the Death Tax and the Generation-Skipping Transfer Tax","summary_override":"

This bill would eliminate the estate tax — a tax on the ability of a dead person to transfer their property at their death — and the generation-skipping transfer tax, which taxes gifts from dead people to their grandchildren. These taxes would be abolished as soon as this legislation is enacted.

It would also reduce the top rate on gift taxes from 40 percent to 35 percent on gifts of $500,000 or more. A lifetime gift tax exemption would be calculated by increasing $5,000,000 annually by the amount of inflation since 2010 to adjust for increases in the cost of living.

Transfers involving trusts would be treated as a taxable gift unless the trust is wholly owned by the donor or the donor’s spouse.

","official_title":"To amend the Internal Revenue Code of 1986 to repeal the estate and generation-skipping transfer taxes, and for other purposes.","short_title":"Death Tax Repeal Act of 2015","popular_title":null,"short_summary":"Death Tax Repeal Act of 2015 \n\n(Sec. 2) This bill amends the Internal Revenue Code to repeal the estate and generation-skipping transfer taxes for estates of decedents dying or for transfers made on or after the enactment date of this Act. In the case of assets placed in a qualified domestic trust by a decedent who dies prior to the enactment of this Act, the current estate tax will not apply to: (1) distributions from such trust before the death of a surviving spouse made more than 10 years after the enactment date of this Act, and (2) assets remaining in such trust upon the death of the surviving spouse.\n\n(Sec. 3) This section revises gift tax rates to lower the top rate to 35% and deems a transfer in trust to be a taxable gift unless the trust is treated as wholly-owned by the donor or the donor's spouse.\n\n The lifetime exemption for gifts is set at $5 million with a cost-of-living adjustment for calendar years beginning after 2011. The adjusted exemption amount in 2015 is $5.43 mill...","summarized":true,"cost":269000000000,"cost_commentary":"A CBO cost estimate found that repealing the estate tax and the generation-skipping transfer tax would increase federal by $269 billion over the 2015-2025 period — or about $24 billion per year. It would have no effect on federal spending. ","impact":"People who would otherwise be subject the estate tax, the generation-skipping transfer tax, or the gift tax as they are currently structured, and the IRS. ","argument_for":"Why should death or gifts from grandparents to their grandchildren be taxable events? These people already paid taxes on that money when they first earned it, taxing it again at a person’s death is not only insulting, it's double-taxation. ","argument_against":"The people who pay these taxes are the wealthiest in the country — they can afford it. Not to mention, the tax only applies to about 2 of every 1,000 estates. The government does not need to be giving the Paris Hiltons of the world a $269 billion gift. ","bill_type":"hr","published":true,"type":"FederalBill","id":"hr1105-114","bill_id":"hr1105-114","formal_id":"H.R. 1105","chamber":"house","congress":114,"last_action_at":"2015-04-20T00:00:00.000Z","active":true,"enacted":false,"enacted_at":null,"vetoed":false,"last_vote_at":"2015-04-16T16:11:38.000Z","debated_on":"2015-04-13T00:00:00.000Z","congress_url":"https://www.congress.gov/bill/114th/house-bill/1105","plain_text_url":"http://www.gpo.gov/fdsys/pkg/BILLS-114hr1105rds/html/BILLS-114hr1105rds.htm","shareable_image_url":"https://n.countable.us/share-images/bills/hr1105-114.png","congress_full_text_url":"https://www.congress.gov/bill/114th/house-bill/1105/text","is_current_congress":false,"last_version_on":"2015-02-26","related_bill_ids":["hres200-114","s860-114","hr4936-114","s3291-114"],"progress":"Passed House","house_passage_result":true,"senate_passage_result":false,"position_count":434,"committees":[{"name":"Committee on Ways and Means","chamber":"house","committee_id":"HSWM","subcommittee":false}],"links":{"rollCalls":"/api/roll_calls?bill_id=hr1105-114","details":"/api/bills/hr1105-114/details","sharingMessage":"/api/sharing_messages/hr1105-114","positionsFor":"/api/bills/hr1105-114/positions/for","positionsAgainst":"/api/bills/hr1105-114/positions/against"},"upcoming":false,"cosponsors_count":135,"slug":"hr1105-114-death-tax-repeal-act-of-2015","latest_chamber_votes_id":"hr1105-114","official_url":null,"target_video":true,"following":false,"vote_count":22852,"yea_vote_count":9527,"nay_vote_count":13290,"passed_house":true,"passed_senate":false,"vote_id":null,"my_position_id":null,"topic_ids":["taxes","financial-markets","government"],"issue_ids":["taxes","financial-markets","government"],"sponsor_id":489}],"votes":[],"issues":[{"id":"taxes","name":"Taxes","slug":"taxes","description":"US Congressional Legislation related to all types of Taxation: Income Tax, Sales Tax, Property Tax, Capital Gains Tax, Employment Taxes, and the Administration and collection of taxes (including regulating the IRS).","page_title":"Tax Related Federal Legislation including: Income and Sales Tax, Regulating the IRS - Vote on Bills, Stay informed, Hold Your Reps Accountable","icons":{"black":"https://assets.countable.us/issue/icon/taxes/black_taxes-1429042039.svg","grey":"https://assets.countable.us/issue/icon/taxes/grey_taxes-1429042039.svg","white":"https://assets.countable.us/issue/icon/taxes/white_taxes-1429042039.svg"},"cover_image_url":null,"is_following":false},{"id":"financial-markets","name":"Financial Markets","slug":"financial-markets","description":"Regulations for the US financial Markets - including Banking, Securities, Insurance, Currency and the Credit Markets. 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Living in a state where tea party ideology has taken hold. Non believer. Smart, educated, and non traditional.","twitter_id":null,"facebook_id":null,"youtube_id":null,"google_plus_id":null,"website":null,"slug":null,"issue_count":35,"is_following":null,"influence_score":0,"influence_level":0,"follower_count":0,"following_count":6,"position_count":12,"id":"Lm4ERJB9","partner_id":null}],"bill_position":{"flagged":false,"id":"e4b5a402-453c-4e58-b2f1-58af00a3598c","argument_for":null,"argument_against":"I'm going to inherit my mothers estate, she is a healthy 94 year old. I don't mind paying taxes, I just want the money used to help people, not the oligarchy.","show_argument_for":false,"show_argument_against":true,"upvote_count":0,"upvotes_for_count":null,"upvotes_against_count":0,"has_upvoted":false,"endorsement_count":0,"links":{"self":"https://www.countable.us/positions/e4b5a402-453c-4e58-b2f1-58af00a3598c"},"body":"I'm going to inherit my mothers estate, she is a healthy 94 year old. I don't mind paying taxes, I just want the money used to help people, not the oligarchy.","stance":"nay","created_at":"2017-01-29T12:36:58.599Z","shareable_image_url":"https://n.countable.us/share-images/positions/e4b5a402-453c-4e58-b2f1-58af00a3598c.png","note_color":null,"note_text":null,"bill_id":"hr1105-114","user_id":"Lm4ERJB9","endorser_ids":[]}}

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Attention Heirs: Repealing the Death Tax and the Generation-Skipping Transfer Tax