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.