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