Why Republicans Want a Bigger U.S. Estate Tax Repeal Than Ever
The move would let billions of dollars in income and assets escape all U.S. taxes.
Representative Kevin Brady, a Republican from Texas, speaks during an interview in Washington, D.C., U.S., on Friday, Feb. 28, 2014.
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
Congressional Republicans have narrowed the estate tax so much that it affects only about 5,500 wealthy American households a year. Now they want to eliminate the tax altogether -- with a bonus for heirs.
Under the latest plan, backed by farmers and business groups, estates would pay no taxes. Furthermore, heirs wouldn’t owe any capital gains taxes on the increased value of assets over the deceased’s life.