section 56. . (c) Effective date The amendments made by this section shall apply to property placed in service after December 31, 2017. VI FICA and SECA Tax Rate Reductions 601. FICA tax rate reductions (a) Old-Age, survivors, and disability insurance Sections 3101(a) and 3111(a) of the Internal Revenue Code of 1986 are each amended by striking 6.2 percent and inserting 3.1 percent . (b) Hospital insurance (1) Employees Section 3101(b) of such Code is amended— (A) by striking 1.45 percent in paragraph (1) and inserting 0.725 percent , and (B) by striking 0.9 percent in paragraph (2) and inserting 0.45 percent . (2) Employers Section 3111(b) of such Code is amended by striking 1.45 percent and inserting 0.725 percent . (c) Effective date The amendments made by this section shall apply remuneration paid after December 31, 2017. 602. SECA tax rate reductions (a) Old-Age, survivors, and disability insurance Section 1401(a) of the Internal Revenue Code of 1986 is amended— (1) by striking all that follows for such taxable year and inserting a period, and (2) by striking the following percent and inserting 6.2 percent . (b) Hospital insurance Section 1401(b) of such Code is amended— (1) by striking all that follows for such taxable year in paragraph (1) and inserting a period, (2) by striking the following percent in paragraph (1) and inserting 1.45 percent , and (3) by striking 0.9 percent in paragraph (2)(A) and inserting 0.45 . (c) Effective date The amendments made by this section shall apply with respect to remuneration received after December 31, 2017. VII Repeal of estate and gift taxes 701. Repeal of estate and gift taxes (a) In general Subtitle B of the Internal Revenue Code of 1986 (relating to estate, gift, and generation-skipping taxes) is hereby repealed. (b) Effective date The repeal made by subsection (a) shall apply to estates of decedents dying, gifts made, and generation-skipping transfers made after the date of the enactment of this Act.