Republicans have wanted to reform the federal tax system for a long time. They have rarely had the power to do so on their own. However, they have made all sorts of different proposals in anticipation they would someday have that power.
They have the power today and have recently proposed a comprehensive reform to taxes.
There has been a lot of speculation whether a repeal of the estate tax would be included.
Republicans have always wanted to repeal it. However, some thought it might not be included because it would make “paying for” other cuts more difficult.
A repeal of the estate tax is included in the latest plan, as Axios reports in "Here's what's in the GOP tax plan."
The initial plan would double the estate tax exemption immediately and repeal the tax entirely in six years. The plan could change greatly between now and when it passes, if it ever passes.
Many of the proposals included in the plan are controversial, even among Republicans.
There is likely to be a lot of lobbying to make changes to the plan. It still possible that repealing the estate tax could be dropped.
For people, in Cincinnati and elsewhere, who would like to see the estate tax repealed, this is good news. It is still just one small step to getting it done.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: Axios (Nov. 2, 2017) "Here's what's in the GOP tax plan."