August 28, 2014

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McConnell calls for permanent elimination of Death Tax

U.S. Senate Republican Leader Mitch McConnell joined Senator John Thune (R-SD) in introducing the Death Tax Repeal Act of 2013, which would permanently abolish the federal death tax. In addition, the Thune/McConnell legislation sets a lifetime gift tax exemption of up to $5 million, and makes permanent a 35 percent gift tax rate for gifts made over that amount (indexed to inflation).