Senate Majority Leader Pushes Estate Tax Repeal in GOP Bill Talks

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Source: msn/Bloomberg

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(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