Will the US eliminate Estate Tax?
On April 16th the House of Representatives passed a bill (the Death Tax Repeal Act of 2015) to eliminate the Estate Tax and the Generation Skipping Tax. But don’t hold your breath – it is not clear if or when it will be considered by the Senate, where it does not appear as if there are enough votes to override a Democratic filibuster. Further, the White House has indicated it would veto such a bill if it were passed by Congress.
Still, with over a $5million Estate/Gift Tax exemption amount, things are not too bad for most taxpayers.
If you have any questions regarding your estate or your tax situation in general, please contact us.