Senate Republican leaders have introduced a complete repeal of the tax on estates.

[demmiblue]

Senate Republican leaders have introduced a complete repeal of the tax on estates.

The existing tax applies to the value of individuals' estates exceeding $11.7 million and couples double that after they die.

Estate tax cuts have been a longtime Republican priority. I remember covering then-Senate Majority Leader Bill Frist's demand in 2006 that an estate tax cut accompany any increase in the then-$5.15/hour minimum wage. Democrats said no.

Odds of this becoming law this Congress or this presidency: Extremely close to zero.

Biden has proposed higher taxes on millionaires/billionaires.

Republicans succeeded in completely eliminating the estate tax in a single year via a Bush-era budget reconciliation bill:

2010.

That's the year George Steinbrenner died, saving his heirs hundreds of millions of dollars.

There is a separate, pre-existing tax break that sets all capital gains to zero when you die. So you can amass enormous wealth and then bequeath it to your heirs tax free provided you don't sell before you die.

Link to tweet

[no_hypocrisy]

1. We're taking on a $2 trillion expenditure and

Republicans want to decrease revenues.

[Make7]

2. Working for the 0.1 percent.

Voting against direct payments to those making less than $75,000 a year. Voting against a $15/hour minimum wage. Etc., etc., ...

[RANDYWILDMAN]

3. The difference between tax payers and donors

is that we get $1400 bucks if you hit the right bracket and they get up to hundreds of millions

Repub voters are so dumb to still be voting for these people !

[Midnight Writer]

4. Great! Let's have the debate on this. Put it up for a vote and get everyone on record.

I'd love to see campaign adds showing every single Republican voted against relief for common folk while every single Republican wants to cut taxes for spoiled rich kids.

[bluestarone]

5. YEP they do their shit right out in the open anymore.

[Resistance1]

6. Don't give them SHIT!

NOT ONE THING, NOT ONE QUARTER, NOT ONE INCH!!!

[spanone]

7. I'm sure Chuck Schumer will get right on that!!!!

[Wounded Bear]

8. I was thinking we should cut it back down to $5 mill myself...

Excessive inheritances is one path to the rampant wealth inequality we're suffering. After all, most millionaires get their money the old-fashioned way...they inherit it.

[lagomorph777]

9. In case anybody was still wondering who the GQP work for.

Thanks for the clarification, clowns!

We will remember this in campaign ads.

[Raftergirl]

10. But

aren’t they the party of the working stiffs now?

/sarcasm

[msongs]

11. time to repeal the trump welfare for millionaires tax cut nt