Wednesday, June 19, 2013
Senator John Thune (R-South Dakota) and House Representative Kevin Brady (R-Texas) just announced their plan to reintroduce legislation aimed at permanently repealing the estate tax. Republican leadership believes repealing the “death tax” will create around 1.5 million new jobs.
In a measure to avoid the fiscal cliff earlier this year, Congress “permanently placed the estate tax rate at 40 percent, and the exemption at an inflation-indexed $5 million.” The $5 million exemption is estimated to affect over 8,000 tax returns in 2013, while Obama’s $3.5 million exemption proposed in his most recent budget would affect around 15,000 returns.
See Bernie Becker, GOP Tax-Writers Roll Out Estate Tax Repeal Bill, The Hill, June 19, 2013.