Senate Majority Leader Pushes Estate Tax Repeal in GOP Bill Talks

[BumRushDaShow]

Source: msn/Bloomberg

2h


(Bloomberg) -- Senate Majority Leader John Thune pitched a full repeal of the estate tax Wednesday, setting as a priority the elimination of the levy on the fortunes of some of the wealthiest Americans as Republicans draft a massive economic package. “I continue to advocate for eliminating the death tax once and for all, so no farmer or rancher has to worry about whether the family farm or ranch will be able to stay in the family after they pass,” the South Dakota Republican said on the Senate floor Wednesday.

Thune’s push for repealing the 40% tax on the wealth of the richest US individuals when they die puts the effort — a longtime goal of the Republican party — in the mix as Thune and other Republican leaders debate the size and scope of a massive tax cut bill. Republicans are aiming to approve a multi-trillion tax bill in the coming months that renews President Donald Trump’s 2017 cuts, along with a fresh round of levy reductions.

House and Senate Republicans are currently negotiating the size of the tax package, which will determine how many new cuts can become law. The party has a long and growing list of expensive tax changes, and constraints on the overall size of the bill mean they won’t be able to include every desired item. Trump has proposed a series of cuts, including eliminating taxes on tips, overtime pay and Social Security benefits. And a contingent of House lawmakers are advocating to expand the state and local tax deduction, in addition to Thune’s priorities.

The estate tax affects only a small segment of taxpayers, but has gained political significance with Republicans branding it a “death tax” and saying it inhibits farmers and other small business owners from passing on their assets to their children. In 2022, 3,170 estates — less than 0.1% of Americans — paid estate tax at death, according to Internal Revenue Service data.

Read more: https://www.msn.com/en-us/news/politics/senate-majority-leader-pushes-estate-tax-repeal-in-gop-bill-talks/ar-AA1BI96T

[NotHardly]

1. Always protecting the uber-rich, how nice of them :/

[sinkingfeeling]

2. A loss of at least $33 billion a year. More debt.

[kysrsoze]

5. That's not the point! More tax cuts for the wealthy - nothing else matters!

[groundloop]

3. GQPers peddle the false narrative that the estate tax hurts the average American......

when in fact estate taxes exempt up to $13.99 MILLION. Not very many of us have to worry about ever inheriting that much, and those that do inherit that kind of money can most certainly afford to pay it.

[progree]

7. And that's for an individual. A married couple effectively get double that (nearly $28 MILLION)

exemption. When the first spouse dies, the surviving spouse has to do some paperwork to claim the additional $14 million. Or have something in place already, I don't know the details, but my parents took advantage of that (or actually their children were advantaged by that, which included me) -- that was way back in the Clinton era when the estate tax threshold was below a million$.

Google: estate tax exemption for a couple in 2025

Note: these numbers go down by half -- to $7 million / $14 million in round numbers -- in 2026 and after -- unless Congress renews the Trump (TCJA) 2017 tax cuts. I'm sure they will do whatever it takes to keep it at today's levels + the automatic inflation adjust. Or raise it even further if they can (or get rid of estate taxes entirely)

[AmericaUnderSiege]

4. They always do this type of shit. Trouble is we don't reverse it much when we retake power.

We restore sane tax levels on the rich, but that doesn't make up for anywhere near what they stole in the meantime.

Billionaires have so many layers of non-productive wealth, you couldn't even read about all of it in the space of a year. That's money they turned into ego, effectively stolen from society even if earned legitimately (which is the exception).

And the same thing applies to hundred-millionaires, ten-millionaires, and basic millionaires too. Don't forget about those bastards just because they've been eclipsed.

[JT45242]

6. There are no small farmers paying a death tax --amount is too far into the millions

The great lie of a death tax. The Domesday book showed real death taxes -- just watched a Lucy Worsley investigates taht covered the black death in England. Every time the oldest male serf died, the family had to pay a death tax of a horse, sheep, cow, etc. That was literally a death tax to still be basically a slave.

These idiots pander to idiots

[wolfie001]

8. Not one decent, well-paying job will be created after this goes into effect

Those greedy bastards will just keep all of the money and use some of it to upgrade their home security.