estate

W. H. and GOP Leaders Considering Ditching Estate Tax Repeal

Dan Industry News Release

Estate tax reformThe White House and GOP Congressional leaders are considering ditching estate tax repeal and other tax breaks that Democrats charge, favor the wealthy.

The idea is to pick up Democratic votes by shaping tax reform more toward the middle-class. Democrats argue estate tax repeal would benefit only the wealthy, those who die with more than $5.5 million in their estates, and would boost the federal debt. Republicans say the tax levied at death is unfair and needs to go.

American Farm Bureau Federation tax adviser Pat Wolff.

Wolff has argued for years that the estate tax impacts middle-income farmers and ranchers who need repeal, to pass their businesses onto the next generation.

The Washington Post reports that reconsideration of key parts of the GOP tax plan just a week before leader say they’ll unveil a plan, says there could still be changes or reversals. Wolff offers this.

The Republican conference is meeting this weekend, and Wolff says AFBF expects details of a proposal could be released early next week.

From the National Association of Farm Broadcasting News Service.