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.
— The Hill (@thehill) January 29, 2019
President Trump signed a law in 2017 that doubled the number of exemptions to the estate tax, but Republicans want the tax eliminated altogether.
If they are so concerned about the estate tax hitting farmers (net estate would have to be worth $11,180,000 in 2018 to be taxed) why don't they just carve out farms? They are being disingenuous.
— Citizen30045 (@citizen30045) January 29, 2019
— iliketurtles (@skoolycool) January 29, 2019
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.”