estate tax

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WASHINGTON, DC - OCTOBER 10: U.S. Senate Majority Leader Sen. Mitch McConnell (R-KY) (2nd L) speaks as Senate Majority Whip Sen. John Cornyn (R-TX) (R), Sen. John Barrasso (R-WY) (L) and Sen. John Thune (R-SD) (3rd L) listen during a news briefing after a weekly Senate Republican policy luncheon October 10, 2018 at the U.S. Capitol in Washington, DC. Senate Republicans held a policy luncheon to discuss GOP agenda. (Photo by Alex Wong/Getty Images)

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.

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