Republican Lawmakers Are Working to Block Estate Tax Rules

Senate Republican leaders are trying to block IRS estate tax regulations on valuation discounts. These regulations would limit the use of valuation discounts by family-owned businesses. Both House and Senate Republicans are making moves to introduce bills aimed at stopping the regulations due to the potential increase in estate and gift taxes on businesses. Further, there is growing congressional opposition to the IRS’s actions, criticizing the current administration for using the regulatory process to swing policy changes that have not garnered political support. 

See Allyson Versprille & Aaron E. Lorenzo, Lawmakers Target Spending Bill to Block Estate Tax Rules, Wealth Management, October 5, 2016.