Estate tax repeal, a long-time Republican objective — and an important goal for many members of the floral industry — may become a reality during the Trump administration.
The House GOP’s “Better Way” agenda lists the repeal of the estate tax as a top priority, according to Shawn McBurney, SAF’s senior director of government relations, who notes that the president-elect also lists repealing the tax as a priority on his website. With Trump in office soon, Sen. John Thune (R-South Dakota) and other top Republicans are seeking to do away with the tax next year.
SAF has long been an advocate of estate tax reform, joining together with other small business groups lobbying for reform and taking the issue to the Hill many years in a row on Congressional Action Days (CAD).
Last April, the House of Representatives voted to eliminate the estate tax by a vote of 240-179, but the Senate did not vote on the measure. Under current law, individuals with estates of under $5.43 million this year, and couples with $10.86 million estates, are exempt from paying the tax. Estates pay a maximum rate of 40 percent on the amount of assets above those levels.