As it stands, only a tiny fraction of America’s wealthy are ever subjected to the estate tax. Krisanapong Detraphiphat/Getty Images
Nothing is more certain than death and taxes, Benjamin Franklin famously declared. And, since 1916, the federal government has imposed an estate tax on the transfer of property owned at death.
But the Trump administration and Republican lawmakers may be on the verge of changing all that. GOP legislators are now considering a massive bill that includes major tax law changes and could pass by June or July 2025. Among the measures under consideration in both the House and Senate is the Death Tax Repeal Act, which would end the federal estate tax and reduce the tax rate on lifetime gifts.
If the Death Tax Repeal Act were to become law, it would happen at a pivotal moment. In the coming years, baby boomers are expected to leave an estimated US$84 trillion to their heirs, in what’s been called the largest wealth transfer in human history.
As law…
Source link : https://usa365.info/repealing-the-estate-tax-could-create-headaches-for-the-rich-as-well-as-worsen-inequality/
Author : USA365
Publish date : 2025-05-07 18:51:00
Copyright for syndicated content belongs to the linked Source.
