Republican legislation in the House to repeal the federal estate tax would add nearly $270 billion to federal deficits, according to the nonpartisan Congressional Budget Office (CBO).
The office projects the legislation offered by Rep. Kevin BradyKevin BradyUnemployment drops to 4.6 percent Treasury's agenda for Steven Mnuchin is already set Overnight Healthcare: GOP in talks about helping insurers after ObamaCare repeal MORE (R-Texas) would result in revenue losses starting in 2016. The CBO and the Joint Committee on Taxation produced the score.
Under the estate tax, which has a top rate of 40 percent, individuals are exempt if their assets total less than $5.43 million. For married couples, the threshold for avoiding the tax is $10.86 million.
Republicans have been rallying for a repeal of the estate tax, dubbing it the “death tax.”
Sen. John ThuneJohn ThuneFight breaks out at FCC over 'zero-rating' data plans A political temper tantrum at the FCC Overnight Tech: Lawmakers look at US edge in artificial intelligence | Walden favored for Energy, Commerce gavel | Tech reaches out to Trump MORE (R-S.D.) has offered a bill that would repeal the estate tax. More than two-dozen Senate Republicans have already endorsed it, including Senate Majority Leader Mitch McConnellMitch McConnellDriverless car industry embraces Trump’s Transportation pick Trump flirts with Dems for Cabinet Lawmakers eye early exit from Washington MORE (R-Ky.).
"It is the federal government’s final insult to tax your family when you have already paid taxes on your property throughout your life," McConnell said. "The thought of having to visit the IRS and the undertaker on the same day is an absolute outrage."
Before Congress left for its two-week recess last month, most Senate Republicans voted to wrap an amendment from Thune into their budget that would repeal the tax.
The budget is just a policy blueprint, however, and is non-binding.