Republicans Still Want Estate Tax Repeal

06/20/2013

Senator John Thune (R-South Dakota) and House Representative Kevin Brady (R-Texas) recently stated their plan to reintroduce legislation which would permanently repeal the estate tax.  Republican leadership believes repealing the so-called “death tax” could create around 1.5 million new jobs. 

In order to avoid the fiscal cliff earlier this year, Congress made permanent an estate tax rate of 40 percent and set the exemption amount at $5 million (adjusted for inflation). 

At this time, I doubt any proposed legislation to repeal the estate tax will go anywhere.