Senate Republicans have finally found a policy idea they’re eager to work on: scrapping the estate tax. The GOP’s timing could be better.
Donald Trump had a weird habit of bragging about having eliminated the estate tax, to the point that he actually seemed to believe it. That was unfortunate: the Republicans’ regressive tax plan in 2017 narrowed the eligibility of who would be affected by the estate tax, but the GOP did not scrap it altogether.
That said, the party still wants to. Sen. John Kennedy (R-La.) issued this press release yesterday about a re-introduced Republican bill.
Sens. John Kennedy (R-La.) and John Thune (R-S.D.) and fellow lawmakers today reintroduced the Death Tax Repeal Act of 2021 to permanently repeal the federal estate tax, commonly known as the “death tax.” The Death Tax Repeal Act would finally end a punitive tax that has the potential to hit family-run farms, ranches and businesses upon the owner’s death.
According to the press statement, the new legislation is co-sponsored by half of the Senate Republican conference. It also includes the support of the entirety of the Senate GOP leadership: Senate Minority Leader Mitch McConnell (R-Ky.) is on board, as is Senate Minority Whip John Thune (R-S.C.), who tweeted about the bill late yeste(r)day. Continue reading.