Estate tax not fully repealed in Senate tax bill

Estate tax not fully repealed in Senate tax bill
© Greg Nash

The Senate proposal to rewrite the tax code will not include a full repeal of the estate tax, according to a senator briefed on the soon-to-be-released draft plan.

Sen. John HoevenJohn Henry HoevenOvernight Energy: Trump Cabinet officials head west | Zinke says California fires are not 'a debate about climate change' | Perry tours North Dakota coal mine | EPA chief meets industry leaders in Iowa to discuss ethanol mandate 74 protesters charged at Capitol in protest of Kavanaugh Big Oil’s carbon capture tax credit betrayal MORE (R-N.D.) made the comments Thursday when GOP lawmakers were briefed on the details of the proposal.

The House version of the tax rewrite phases out the estate tax, which Republicans have derided for years as a "death tax." Lawmakers in the lower body are debating that plan in committee this week and hope to vote on the full measure next week.

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But some more moderate leaning Republicans in the Senate say the exemption amount, now $5.5 million for an individual, means the levy only impacts the very rich and say the revenue could be used better elsewhere.