Filed Under:Life Insurance, Life Planning Strategies

Estate tax repeal: Is it possible?

Lawmakers are again discussing repeal of the estate tax. The idea should be jettisoned.
Lawmakers are again discussing repeal of the estate tax. The idea should be jettisoned.

Once again, repeal of the now "permanent" estate tax is being talked about in the halls of Congress. Coming so soon after passage of the 2012 American Taxpayer Relief Act — which among other things set estate tax rates and exemptions at their current levels — such talk will only inject uncertainty into the estate plans of the high net worth and business owners. Planning aside, repeal of the estate tax would also be bad public policy. The tax brings in much-needed revenue at a time when Congress is still trying to bring revenue and taxes into balance. This idea should be jettisoned.

—Warren S. Hersch
Call it what you want to call it – but any time the estate tax, also known as the death tax, comes up in conversation, ears perk up and most in agriculture start paying attention. Representative Kevin Brady (R-Texas), who has been one of the strongest voices on Capitol Hill advocating for full repeal of the estate tax over the years, was able to top 218-cosponsors on his Death Tax Repeal Act.

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