Republicans want to give the wealthiest Americans another tax cut. On Monday, Senate Republicans, led by Senator John Thune, announced that they would push legislation to repeal federal estate tax.
Estate tax only applies to estates worth more than $22 million and is paid by fewer than 2000 Americans each year.
Senate Republicans reintroduce bill to repeal the estate tax https://t.co/rtz1xwBvSw https://t.co/TmCPpYBTrx— The Hill (@The Hill)1548729247.0
President Trump signed a law in 2017 that doubled the number of exemptions to the estate tax, but Republicans want the tax eliminated altogether.
@thehill If they are so concerned about the estate tax hitting farmers (net estate would have to be worth $11,180,0… https://t.co/yvH5OxyABp— Citizen30045 🌹🌊🌊🌊 (@Citizen30045 🌹🌊🌊🌊)1548729828.0
@thehill Yay aristocracy!— iliketurtles🔰🌹 (@iliketurtles🔰🌹)1548729987.0
Thune, who refers to the tax as "death tax," says that the people impacted are "agricultural legacies" such as family-owned farms and ranches. "I remain committed to removing roadblocks for these family businesses, and we can start by repealing the death tax once and for all."
@thehill There aren’t many “family farms” in SD that have over $10 million lying around. If so, they wouldn’t be cl… https://t.co/HQD58h81du— DenaRea #TimeToImpeachBarr (@DenaRea #TimeToImpeachBarr)1548730655.0
@thehill The rich better start building walls, because at some point the masses will be grabbing torches and pitchforks.— Truthiness (@Truthiness)1548729968.0
The bill probably won't become law in the next two years; the Democrat-controlled House of Representatives has said before that eliminating the estate tax would only help the very rich, many of whom are already exempt from the tax.