Republican Push for Death Tax Repeal Act: Impacts on Inheritance Tax

Republican Push for Death Tax Repeal Act: Impacts on Inheritance Tax

(PatriotNews.net) – Republicans are on a mission to kill the ‘death tax,’ but is it really about helping grieving families or just another handout to the ultra-wealthy?

At a Glance

  • Over 170 House Republicans are pushing to repeal the federal inheritance tax
  • The “Death Tax Repeal Act” aims to abolish the estate tax entirely
  • Republicans argue the tax unfairly burdens family farms and small businesses
  • Critics point out the tax only affects estates worth $13.9 million or more
  • The move coincides with efforts to extend the 2017 Tax Cuts and Jobs Act

The GOP’s Latest Crusade: Slaying the ‘Death Tax’ Dragon

In a move that’s about as surprising as finding pork in a barrel, Republicans are once again charging full steam ahead to repeal the federal inheritance tax.
Led by Rep. Randy Feenstra and backed by a cavalry of over 170 House Republicans, the “Death Tax Repeal Act” is being touted as a lifeline for grieving families and small businesses. But let’s cut through the political theatrics and get to the meat of the matter.

First off, let’s address the elephant in the room – or should I say, the multi-million dollar estate. This tax only kicks in for estates worth a cool $13.9 million or more. That’s hardly your average mom-and-pop shop or family farm, folks. Yet, the GOP is painting a picture of wholesome American families being forced to sell off grandpa’s tractor to pay Uncle Sam.

The ‘Double Taxation’ Boogeyman

Rep. Feenstra, channeling his best doomsday prophet impression, declares, “The death tax is an egregious double tax that unfairly targets American family farms and small businesses and directly threatens long-held farming traditions in rural Iowa and across the country.” It’s a catchy soundbite, I’ll give him that. But let’s be real – how many Iowa farmers are sitting on $14 million estates?

“The death tax is an egregious double tax that unfairly targets American family farms and small businesses and directly threatens long-held farming traditions in rural Iowa and across the country. It is ridiculous that the federal government sends grieving families a massive tax bill when a loved one passes away.” – Rep. Randy Feenstra.

The GOP’s argument about “double taxation” is about as solid as a sandcastle at high tide. Most of the wealth in these mega-estates has never been taxed before. It’s unrealized capital gains that have been accumulating faster than political promises during election season. But heaven forbid we ask the heirs of multi-million dollar fortunes to chip in a bit for the greater good.

The Real Agenda: Protecting the 1%

Let’s call a spade a spade. This isn’t about protecting hardworking Americans; it’s about safeguarding the fortunes of the ultra-wealthy. The timing of this push, coinciding with efforts to extend the 2017 Tax Cuts and Jobs Act, is about as subtle as a bull in a china shop. It’s a clear attempt to cement tax breaks for the rich while the rest of us are left picking up the tab.

“Family farms and ranches play a vital role in our economy and are the lifeblood of rural communities in South Dakota. Losing even one of them to the death tax is one too many. It’s time to put an end to this punishing, burdensome tax once and for all so that family farms, ranches and small businesses can grow and thrive without costly estate planning or massive tax burdens that can threaten their viability.” – John Thune.

let’s not forget that these farms he’s so concerned about are worth more than most Americans will see in several lifetimes. If we’re going to talk about “punishing” and “burdensome” taxes, maybe we should start with the ones hitting middle-class families trying to make ends meet.

In the grand scheme of things, this push to repeal the “death tax” is just another chapter in the GOP’s never-ending saga of trickle-down economics. It’s a tale as old as time, or at least as old as Reagan. But while they’re busy protecting the fortunes of the few, the rest of America is left wondering when their ship will come in. Spoiler alert: it won’t, as long as we keep buying into this charade.

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