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 in order to repeal the death tax. Please note that it does NOT repeal the gift tax. This 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.
There are challenges with large form legislation. In order to repeal the death tax we need to have parties from across the isle and in every branch of the government be on board. We know this is possible. We know winning a repeal is fair and we know that with your support we will see the estate tax repealed and small businesses thriving once again.