GOP Continues Efforts to Repeal Estate Tax

Senator John Thune (R-South Dakota) and House RepresentativeKevin Brady (R-Texas) just announced their plan to reintroduce legislationaimed at permanently repealing the estate tax. Republican leadership believes repealing the “death tax” will createaround 1.5 million new jobs. 

In a measure to avoid the fiscal cliff earlier this year,Congress “permanently placed the estate tax rate at 40 percent, and theexemption at an inflation-indexed $5 million.” The $5 million exemption is estimated to affect over 8,000 tax returnsin 2013, while Obama’s $3.5 million exemption proposed in his most recentbudget would affect around 15,000 returns.

See Bernie Becker, GOP Tax-Writers Roll Out Estate Tax RepealBill, The Hill, June 19, 2013.