As House and Senate Republicans pursue competing tax overhaul plans, one big disagreement is the estate tax. House Republicans want to repeal it in 2024 while their Senate colleagues want to preserve it.
The House’s repeal plan would be a windfall for a small number of the richest Americans. My Bloomberg View colleague Al Hunt notes that the estate tax affects only 0.5 percent of all estates. Both the Senate and House plans would double the estate tax exemption to $11 million from $5.5 million per individual, which would further shrink the percentage of affected estates.
Nevertheless, average Americans dislike the estate tax. A variety of polls over the years have shown that most Americans want to repeal it. Ipsos recently conducted a survey for National Public Radio and found that 65 percent of respondents favor repeal.