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Senator Crapo and 44 others reintroduce bill to abolish federal estate tax

Senator Mike Crapo, along with 44 other senators, has reintroduced the "Death Tax Repeal Act" aimed at permanently abolishing the federal estate tax, commonly known as the "death tax." This tax currently applies to the transfer of estates valued over $13.61 million for individuals or $27.22 million for couples in 2024. The bill seeks to eliminate this tax, arguing that it imposes an undue burden on family-owned farms, ranches, and small businesses by potentially forcing heirs to sell assets to cover tax liabilities. Proponents of the bill, including Senators John Thune and John Barrasso, assert that repealing the estate tax would prevent the loss of family businesses and promote economic growth by allowing wealth to be passed down more freely. Critics, however, argue that the estate tax affects only a very small percentage of the wealthiest estates and is an important tool for reducing wealth inequality.

Read the Full KBOI Article at:
[ https://idahonews.com/news/local/senator-crapo-and-44-others-reintroduce-bill-to-abolish-federal-estate-tax ]