JCT: Estate Tax Repeal Costs $269 billion, Benefits Tiny Number of Very Wealthy

Mar 25, 2015

New analyses from the Joint Committee on Taxation show that repealing the estate tax – through H.R. 1105 – would cost $269 billion over 10 years. At the same time, according to the JCT, in any given year fewer than 5,500 households would benefit from a repeal of the estate tax, with 75 percent of the tax cut going to inheritors of estates valued at more than $20 million.

The JCT cost estimate of H.R. 1105 is available here. The JCT distributional analysis of the legislation is here.

“Americans already overwhelming believe that the tax code is stacked in favor of a select few. This irresponsible legislation simply reinforces that perception,” said Ways and Means Ranking Member Sander Levin (D-MI). “This amounts to a massive tax cut for a tiny number of the wealthiest households. This isn’t middle class economics, it is estate economics.”