Death Tax Repeal Could be Part of Larger Tax Reform Legislation

 

The long-sought goal of many farm, business, tax and other groups to permanently repeal the estate or ‘death’ tax, got new life this week when House and Senate lawmakers reintroduced repeal bills. Seeing their big chance to finally end the estate tax with the GOP in control of Congress and a pro-repeal president in the White House, anti-death tax lawmakers introduced companion bills in both houses of congress.

American Farm Bureau’s Pat Wolff says the new bills will likely become part of sweeping tax reform…

 

Which AFB and other business and anti-tax groups see as discouraging investment and jobs and making it harder to pass on family businesses to the next generation.

Wolff says bill drafters are now working on formal legislative language, with the reform effort expected to kick into high gear this spring…

 

A tax break that limits capital gains tax to the gain between the time of death—not that of original purchase—and the time of sale.

Wolff says Farm Bureau also hopes to nix an Obama IRS-proposed rule that makes it harder for farmers and others to reduce or avoid estate tax liability…

 

Meantime, Wolff cautioned earlier that permanent estate tax repeal won’t be a ‘slam, dunk,’ even with improved political odds, opponents could still try to take out or change repeal when a sweeping reform bill is expected to come up, later this year.


A native of the Texas Panhandle, Rhonda was born and raised on a cotton farm where she saw cotton farming evolve from ditch irrigation to center pivot irrigation and harvest trailers to modules. After graduating from Texas Tech University, she got her start in radio with KGNC News Talk 710 in Amarillo, Texas.