Repealing the Federal Estate Tax

According to NFIB, nearly half (44%) of small business owners view the federal estate tax as an important issue. This is because the business they’ve worked to build throughout their lifetime could be severely decimated by the 45% tax on the value of estates about an exemption amount ($13.61 million in 2024, but is set to decline to about $6 million in 2026). They also likely incur professional fees to do estate tax planning to minimize or avoid estate tax exposure. IRS statistics show that nearly half of all estate tax returns shows a gross estate of between $10 and $20 million, which could represent small business owners. The Death Tax Repeal Act of 2024 (H.R. 7035) would end the federal estate tax on estates of decedents dying after 2023. Chances of enactment? Who knows? #IdeaoftheDay