legislation

Senate Tax Writer Expects Full Repeal of Estate Tax in Senate GOP Version

Dan Economy, Industry News Release

senate taxA leading Senate tax writer expects full repeal of the estate tax in the Senate GOP version of tax reform legislation after House tax authors took a different path. Senior Senate Finance member and former chairman Chuck Grassley expect committee Republicans to opt for full repeal of the estate tax, versus just an increase in the exclusion.

The House GOP proposes a phasing in of repeal over 6-years but Grassley seems to suggest Senate tax writers might seek more immediate repeal versus a higher exemption.

And driving home the point, Grassley adds…

Which is a top goal of the American Farm Bureau and other agriculture groups.

Grassley also warns of coming up short on middle-class tax relief, if some GOP lawmakers insist on restoring tax breaks that have been proposed to be reduced. Lawmakers from more heavily taxed urban areas in the Northeast and elsewhere, oppose ending the exemption for state and local taxes. House GOP leaders agreed to a compromise, keeping much of the property tax exemption.

From the National Association of Farm Broadcasting News Service.