Death Tax Repeal Bills Introduced in Congress
On Tuesday, the Death Tax Repeal Act of 2021 was reintroduced (S. 617 & H.R. 1712) by Congressmen Smith (R-MO) and Sanford Bishop (D-GA) in the House and Senate Minority Whip Thune in the Senate.
While it’s not expected that a repeal will pass under the Biden administration, opponents of the “Death Tax” will be fighting against Democrats’ increased efforts to reform the tax. Last Congress, Senate Democrats proposed rolling back the doubled exemption to partly pay for their infrastructure package. With another reconciliation bill likely this year, opponents are on high alert for any changes to the estate tax, capital gains due at death, step up in basis changes, and technical changes to the estate tax like disallowing valuation discounts and disallowing the use of certain trusts that family businesses use to plan for succession.
The Family Business Coalition, a group of 154 organization, wrote to Congressional leaders this week in support of full and permanent repeal of the federal estate taxes.
While it’s not expected that a repeal will pass under the Biden administration, opponents of the “Death Tax” will be fighting against Democrats’ increased efforts to reform the tax. Last Congress, Senate Democrats proposed rolling back the doubled exemption to partly pay for their infrastructure package. With another reconciliation bill likely this year, opponents are on high alert for any changes to the estate tax, capital gains due at death, step up in basis changes, and technical changes to the estate tax like disallowing valuation discounts and disallowing the use of certain trusts that family businesses use to plan for succession.
The Family Business Coalition, a group of 154 organization, wrote to Congressional leaders this week in support of full and permanent repeal of the federal estate taxes.