Rep. Bob Latta, R-Ohio, has started the official fight in the 115th Congress to stamp out the federal estate tax by introducing H.R. 451, the Permanently Repeal the Estate Tax Act of 2017 bill.
The main section of the three-paragraph bill states that, “Effective for estates of decedents dying after December 31, 2016, Chapter 11 of the Internal Revenue Code of 1986 is repealed.”
Latta introduced a similar bill, H.R. 725, in the 114th Congress.
The new bill has eight cosponsors.
Another, longer bill, H.R. 25, would replace the federal income tax, the federal estate tax, the federal gift tax and federal payroll taxes with a national sales tax. That bill has 35 cosponsors.
Federal law sets the federal estate tax at 40 percent, with an exemption of $5.45 million for 2016.
The estate tax often causes problems for farmers and small business owners in Ohio when loved ones die, Latta said earlier this month in a statement about the bill.
“The estate tax also has a stifling economic impact beforehand, due to the cost of life insurance and financial preparation needed to plan and comply with the tax,” Latta said.
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