Senator John Thune introduced S.215 with 28 Cosponsors; a bill that will repeal the estate and GST tax but NOT the Gift tax and will maintain step up in basis; so, the same bill language he has introduced before.
While we continue to remind legislators that the gift tax must also be repealed, they tend to just introduce the same legislation repeatedly and hope “it will be worked out in Committee”.
This bill has been referred to Senate Finance Committee and we will meet with Senator Thune’s new tax staff on 2/5 in DC. It’s past time we finally repeal the Estate and GST tax, stop double taxation.
If you have questions about the estate tax, how to repeal it, or how to get in touch with your congressional representatives, please contact us.