Republican lawmakers renewed their push to scrap the federal estate tax this week, saying the move would create jobs and keep family businesses afloat.

South Dakota Republican Sen. John Thune and Texas Republican Rep. Kevin Brady officially re-introduced the Death Tax Repeal Act. The bill would immediately eliminate the estate tax and repeal the generation-skipping transfer tax.

It would also make permanent a 35 percent gift tax rate and $5 million gift tax exemption, to be indexed to inflation. The legislation would maintain existing stepped-up basis provisions.