Republican Efforts to Repeal the Federal Inheritance Tax ('Death Tax')

SOURCE www.foxnews.com
Republican lawmakers are pushing to repeal the federal inheritance tax, also known as the 'death tax,' citing it as a financial burden on grieving families and small businesses. They argue that it unfairly targets family farms and small businesses and threatens their viability. The proposed bill aims to abolish the tax altogether.

Key Points

  • Inheritance or estate tax levied on assets received upon a person's death
  • Republicans criticize the tax as burdensome on family-owned businesses
  • The proposed bill aims to repeal the tax completely

Pros

  • Eliminates a tax burden on grieving families and small businesses
  • Supports family farms and small businesses' growth and viability
  • Addresses concerns about double taxation

Cons

  • Critics argue that the federal estate tax affects a relatively small number of estates
  • May lead to potential tax revenue loss for the government
  • Debate over whether the tax is necessary for funding government programs