Senator John Thune (R-S.D.) introduced the AGC-supported Death Tax Repeal Act of 2023, which would permanently repeal the federal estate tax.
On March 29, Senator John Thune (R-S.D.) introduced the AGC-supported Death Tax Repeal Act of 2023, which would permanently repeal the federal estate tax.
The estate tax currently applies to estates above the $12.9 million exemption, at a rate up to 40 percent. In 2017, the Tax Cuts and Jobs Act doubled the exemption to its current level, but the expended exemption level will expire at the end of 2025.
Given President Biden’s support for vastly increasing the estate tax and taxing an estate’s accumulated capital gains at the time of death (sometimes called the “double death tax”), it is unlikely that this legislation will pass this Congress, but it could help outline the debate about estate taxes in both the upcoming Presidential election and for 2025.
If you have any questions, please contact Matthew Turkstra at (202) 547-4733 or [email protected].
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