Death Tax Repeal Act of 2023

S.1108, the Death Tax Repeal Act of 2023, repeals the federal estate tax and generation-skipping transfer tax for estates of people who die after the bill's enactment. It also modifies the gift tax by establishing a $10 million lifetime exemption (adjusted for inflation) and creating a new tax rate schedule for gifts. This bill directly affects high-net-worth individuals who would have paid estate or gift taxes on large transfers of wealth. The changes take effect after the bill's passage, with the exemption adjusted annually for inflation.