I 
108TH CONGRESS 
1ST SESSION H. R. 2532
To amend the Internal Revenue Code of 1986 to restore the applicability 
of the estate tax to estates over $3,000,000, to restore the 50-percent 
maximum rate, and to deposit revenues from the estate tax into Social 
Security Trust Funds. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 19, 2003
Mr. KENNEDY of Rhode Island (for himself, Ms. BALDWIN, and Mr. FRANK 
of Massachusetts) introduced the following bill; which was referred to the 
Committee on Ways and Means 
A BILL 
To amend the Internal Revenue Code of 1986 to restore 
the applicability of the estate tax to estates over 
$3,000,000, to restore the 50-percent maximum rate, 
and to deposit revenues from the estate tax into Social 
Security Trust Funds.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Save Social Security 
First Act of 2003’’.
SEC. 2. CONTINUATION OF ESTATE TAX; REPEAL OF CAR-
RYOVER BASIS; ETC. 
(a) IN GENERAL.—Subtitles A and E of title V of 
the Economic Growth and Tax Relief Reconciliation Act 
of 2001, and the amendments made by such subtitles, are 
hereby repealed; and the Internal Revenue Code of 1986 
shall be applied as if such subtitles, and amendments, had 
never been enacted. 
(b) SUNSET NOT TO APPLY.—
(1) Subsection (a) of section 901 of the Eco-
nomic Growth and Tax Relief Reconciliation Act of 
2001 is amended by striking ‘‘this Act’’ and all that 
follows and inserting ‘‘this Act (other than title V) 
shall not apply to taxable, plan, or limitation years 
beginning after December 31, 2010.’’. 
(2) Subsection (b) of such section 901 is 
amended by striking ‘‘, estates, gifts, and transfers’’. 
(c) CONFORMING AMENDMENTS.—Subsections (d) 
and (e) of section 511 of the Economic Growth and Tax 
Relief Reconciliation Act of 2001, and the amendments 
made by such subsections, are hereby repealed; and the 
Internal Revenue Code of 1986 shall be applied as if such 
subsections, and amendments, had never been enacted.
SEC. 3. IMMEDIATE $3,000,000 EXEMPTION; RESTORATION 
OF 50 PERCENT MAXIMUM RATE. 
(a) INCREASE IN UNIFIED CREDIT.—Subsection (c) 
of section 2010 of the Internal Revenue Code of 1986 (re-
lating to applicable credit amount) is amended by striking 
all that follows ‘‘were the applicable exclusion amount’’ 
and inserting ‘‘. For purposes of the preceding sentence, 
the applicable exclusion amount is $3,000,000.’’
(b) 50 PERCENT MAXIMUM ESTATE TAX RATE.—
Subsection (c) of section 2001 of such Code is amended—
(1) by striking ‘‘(1) IN GENERAL.—’’, and 
(2) by striking paragraph (2). 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to estates of decedents dying, and 
gifts made, after December 31, 2003. 
SEC. 4. TRANSFER OF ESTATE TAX REVENUES AFTER 2009 
TO SOCIAL SECURITY TRUST FUNDS. 
(a) IN GENERAL.—Amounts equivalent to the taxes 
imposed by chapter 11 of the Internal Revenue Code of 
1986 with respect to estates of decedents dying after De-
cember 31, 2004, are hereby appropriated to—
(1) the Federal Old-Age and Survivors Insur-
ance Trust Fund, and 
(2) the Federal Disability Insurance Trust 
Fund.
Amounts appropriated by the preceding sentence to each 
such Fund for any calendar year shall be in the same pro-
portion as amounts are appropriated to such Funds dur-
ing such year without regard to this section. 
(b) TRANSFERS.—The amounts appropriated by sub-
section (a) to each fund shall be transferred from time 
to time (but not less frequently than quarterly) from the 
general fund of the Treasury on the basis of estimates 
made by the Secretary of the Treasury of the amounts 
referred to in subsection (a). Proper adjustments shall be 
made in the amounts subsequently transferred to the ex-
tent prior estimates were in excess of or less than the 
amounts required to be transferred.
Æ