The notion of repealing the estate tax has been floating around in the proverbial ether since President Trump took office. Considered by many as a tax on only the wealthiest Americans, strong advocacy for repeal has been lacking. The most potent opposition to the tax comes mainly from lobbyists for farmers, who are more prone to facing significant turmoil from a 40% tax, assuming they exceed the federal exclusion threshold, when their assets are tied up primarily in land. The possibility for repeal grows noticeably dimmer however, especially in light of Kevin Brady’s, Chairman of the House Ways & Means Committee, speech that entirely avoided discussing the estate tax. So, estate planners can take a tentative sigh of relief as it looks as though any new tax reforms will likely not affect the current status quo.
See Dominick Schirripa, The Bell Tolls for Thee, Estate Tax Repeal, Bloomberg, August 17, 2017.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
