Not for supporters with estates over about $12 million. It's a very big money saver.
The devil is in the details which the GOP seems to be short on. Like health care, they've only had 8 years to put their plans in place. But since you bring up the estate tax, it does not only effect the $11 million plus people, it effects everyone. For those of us with taxable estates under $11 million, we benefit from an estate/gift tax credit, so nothing is due. And we benefit from a step up in cost basis on our assets. Unless there's something that hasn't been disclosed, when the grandkids inherit Gramps $2 million farm estate tax free, they'll have significant capital gain liability when and if they sell it. And if there is a step up provision, that's patently unfair and leads to ineffective use of capital. If I have a farm or business which is being run inefficiently, the best thing for the economy it that I sell it to more efficient managers. In today's climate, many people don't to enjoy the step when passing it to heirs. This potentially exacerbates the problem.
If they don’t pass this, then forget it. The dems and the media know this. So, it may come down to a couple Senators blocking the bill. Corker, McCain, Flake.