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 ...
There shouldn’t be an inheritance tax. The money has already been taxed at least once if not more.
I’m so old, I remember when double taxation was against some kind of rule.
Death taxes have destroyed hundreds of family farming businesses, along with other businesses. It’s a crime.
How many times do the taxes of the same money get to be wasted by leftist bureaucrats?
Infinity and beyond.
To borrow a phrase.
For that alone, it’s a dirty business.
it’s ridiculous to pay taxes that many times on the same amount. The government spends billions finding out why lesbians are fat, or to protect a titmouse, but they have to tax you 12 ways to Sunday on the money your family has been saving for generations.
My MIL dated a very rich guy who wanted a 100% inheritance tax. He said that his kids should make their own way. He also said that a 100% tax would prevent vast fortunes from coalescing to individual families like the Rockefellers, etc.
That last one is not unreasonable.
It’s possible to be hit with cap gains tax too, if there’s been any growth in the value of the inheritance before you receive it.
Government: “I see your family has something. Give it to me.”
If he doesn’t want to give it to his kids he can donate it all. Giving it to the govt creates the same kind of problem he is trying to avoid by letting politicians and such use it to enrich themselves.
The tax is bad because it's double taxation. The very same thing re social security.
Social security distributions should not be taxed, especially since many live off that alone, and are least able to afford to have to pay income tax.
While they’re doing this, I’d like to see them do away with asset forfeiture laws and do a resolution that the official language of the US is English. Just sayin’.
The US Constitution allows the Federal Government a SINGLE tax and We The People can’t even hold them to that.
They enter government to do good, and do very well, indeed.
Suppose a person has an asset with a $1 million cost basis that is worth $4 million at the time he dies.
The transfer of the asset’s ownership to the heirs is documented as an asset sale, triggering a tax on the $3M capital gain. If the current capital gains tax rate is 20%, then a $600,000 tax liability is incurred by the estate.
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.
There first priority should be getting the DOGE identified cuts put into law to prevent the courts from trying to run the executive branch.
When he died he had one daughter left who was now a violinist with an orchestra and using her fathers instrument. The IRS appraised the violin at 15 million dollars and her tax on that would have been 5 million. In order to keep the the violin that her whole family had paid for all her life and she now loved and valued she somehow had to come up with 5 million dollars. She of course was forced to sell the instrument.
“The money has already been taxed at least once if not more.”
I paid for my house years ago, but pay significant property tax on that house every year. Own it, my backside.
Agreed. And Those with high net worth can afford to hire attorneys to protect their family assets.
bttt
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