Posted on 02/14/2025 4:02:35 AM PST by Libloather
FIRST ON FOX: Republican lawmakers are mounting a massive effort to repeal the federal inheritance tax, colloquially known as the "death tax."
Rep. Randy Feenstra, R-Iowa, is leading more than 170 House Republicans on the "Death Tax Repeal Act," which is also backed by the House’s top tax writer, Ways & Means Chairman Jason Smith, R-Mo.
An inheritance or estate tax is levied upon the beneficiary who receives assets upon a person's death. Republicans have long criticized the estate tax as a needless financial burden on grieving families, particularly hitting small family-owned businesses.
It comes as Republicans work on extending President Donald Trump’s 2017 Tax Cuts and Jobs Act, whose provisions expire at the end of this year. Among the measures sunsetting in 2026 is a doubling of the estate tax exemption.
Supporters of the federal estate tax point out that it affects a relatively small number of estates. Penalties are triggered for estates worth roughly $13.9 million at the time of death, according to the latest IRS data.
A counterpart bill in the Senate is being led by Majority Leader John Thune, R-S.D., and is backed by 44 senators.
Both Feenstra and Thune argued it was an unnecessary tax that unfairly affected family farms and small businesses in their home states of Iowa, South Dakota and elsewhere.
(Excerpt) Read more at foxnews.com ...
In PA is is called the cancer tax. If you are a caregiver for someone who passes you their inheritance, a House for ex., You pay 15%.
Did you tell him there’s no law against him giving all his $$ to the government and not worry about other people’s $$? I’m amazed at how many idiots are out there who think government spending is a noble activity.
I remember the tax cuts during Trump’s first term - lefties told me it was “only the rich (specifically Trump’s rich friends) who are getting tax cuts.”
I asked my tax accountant if I would be getting anything from Trump’s tax cuts - he said “yes, about $2,500” - that is no small amount - and I am far from rich.
Keep it coming and yes, eliminate the death tax - taxes which have already been paid.
Inheritance taxes need to end.
Property taxes need to end.
Yep, especially onorous school taxes.
“ One special provision I would consider adopting is a ten-year tax deferral period … meaning the estate or heirs have ten years to pay the $600,000 tax bill.”
Disagree 100%. Not only doesn’t the government deserve a cut of this action, they would only waste it on crap. It’s well past the time where we force them to retreat back to only doing their Constitutionally identified duties. Taking a cut of your estate when you die isn’t part of that.
But if we are going to be subject to income and capital gains taxes, then it makes sense to impose them as uniformly and fairly as possible.
The taxpayer who sells a major real estate asset and then dies a week later and leaves the proceeds of the sale to his heirs pays a sizable capital gains tax. The taxpayer who dies before the sale is consummated does not. This makes no sense at all.
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