Yesterday, Representative Jason Smith of Missouri introduced HR 218; Death Tax Repeal bill of the 116th Congress with 37 original co-sponsors including Representative Sanford Bishop (D) (GA);
We are pleased to have this bill introduced, but please note that it does NOT repeal the gift tax, and it leaves in place step up in basis, which will make the repeal very costly in terms of lost revenue.
We will work with Representative Smith on this bill with the hope that the result will be the repeal of gift, estate, and GST, and if that is not possible to reduce the rate of tax to that of the capital gains tax rate.Policy and Taxation Group, a 501(c)(4) organization, is your voice in Washington on economic freedom. We advocate for policies that allow American families to fully enjoy the economic liberties and benefits of a robust free market unique to our nation. For over 25 years, we have been the loudest voice in the nation’s capital on eliminating the death tax. This ill-conceived tax has a destructive impact on families, family businesses, job creation, and the national economy.