House Republicans urge leaders to support estate tax repeal

House Republicans urge leaders to support estate tax repeal
© Camille Fine

Rep. Warren DavidsonWarren Earl DavidsonFinancial sector's work on SAFE Banking Act shows together, everyone achieves more Conservatives call on Pelosi to cancel August recess GOP leaders struggle to contain conservative anger over budget deal MORE (R-Ohio) on Thursday sent a letter along with dozens of his colleagues to House leaders calling on them to support a full repeal of the estate tax in any final tax package.

Davidson, along with 53 other House Republicans, asked Speaker Paul RyanPaul Davis Ryan Retirees should say 'no thanks' to Romney's Social Security plan California Governor Newsom and family dress as 2020 Democrats for Halloween DC's liaison to rock 'n' roll MORE (R-Wis.) and House Ways and Means Committee Chairman Kevin BradyKevin Patrick BradyHow centrist Dems learned to stop worrying and love impeachment On The Money: Senate passes first spending package as shutdown looms | Treasury moves to roll back Obama rules on offshore tax deals | Trade deal talks manage to weather Trump impeachment storm White House talking new tax cuts with GOP MORE (R-Texas) and other GOP leaders to reach a deal in the House–Senate conference that nixes the tax.

The House-passed tax measure increases the estate tax exemption to $10 million, indexed for inflation, with repeal after six years, while the Senate doubles the exemption but doesn't abolish the tax.

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"We urge you to seek an agreement in conference that achieves repeal of the hated and economically destructive death tax," the letter says.

The letter touts broad support by the House, White House and taxpayers in their push for a repeal, which they say is at odds with the Senate-passed version. 

“We are concerned about the current Senate plan, which falls short of the long term Republican goal by providing only temporary relief while leaving the death tax in place," the letter says. 

The lawmakers wrote that they are hearing from their constituents who are concerned that the Republican tax plan won't end the estate tax despite promises from President TrumpDonald John TrumpThis week: House kicks off public phase of impeachment inquiry Impeachment week: Trump probe hits crucial point Judd Gregg: The big, big and bigger problem MORE to repeal it.

House and Senate lawmakers are expected to meet publicly next week to kick of the conference committee's work. Most of the negotiating will likely take place behind closed doors.

This year, the estate tax applies to inheritances more than $5.49 million per individual, meaning a person can leave their heirs up to that amount without facing a 40 percent tax.