HR 5422 Death Tax Repeal Bill Introduced

posted in: Estate Taxes | 0

As you know, with Rep. Kristi Noem (R-SD) running for Governor of North Carolina, we need a new champion for our issue in the House.

To that end, House Ways and Means Committee Chairman Kevin Brady (R-TX) has tapped Rep. Jason Smith (R-MO) to continue leading the fight for repeal.

With the Chairman’s blessing, Rep. Smith on March 29, 2018, introduced H.R. 5422, Death Tax Repeal Act.

The bill, which is the same as the bill introduced last year by Rep. Noem – and which now counts her and Rep. Sanford Bishop (R-GA) as co-sponsors – would: (1) repeal the estate and generation-skipping transfer taxes; and (2) make permanent the maximum 35-percetn gift tax rate and the lifetime gift tax exemption. Representative Mike Kelly (R-PN) will also champion our issue with Rep. Smith and we are working closely with his office.

In terms of next steps, we have been in touch with Chairman Brady and our lobbying team is set to meet with Rep. Smith’s staff early next week to discuss the path forward for repeal and our broader strategy – including rate reduction legislation, which we believe has a greater likelihood of passing. I will provide you all with an update following this meeting.

Thank you for your continued support.

Policy and Taxation Group, a 501(c)(4) organization, is your voice in Washington on economic freedom. We advocate for policies that allow American families to fully enjoy the economic liberties and benefits of a robust free market unique to our nation. For over 25 years, we have been the loudest voice in the nation’s capital on eliminating the death tax. This ill-conceived tax has a destructive impact on families, family businesses, job creation, and the national economy.