Required

Paying for an Estate Tax Repeal, Elder Law Attorney, Woodstock, GA


Plans to repeal the estate tax could run up against a barrier in Congress, since the revenue would need to be made up elsewhere.

Even though Republicans have majorities in both houses of Congress, it might still be difficult for them to repeal the estate tax as they have long wished to do and as President Trump has said he would like to do. One of the biggest problems is that Republicans do not have a filibuster proof majority in the Senate. As a result, Democrats can block any ordinary legislation.

A lesser known process called “reconciliation” could be used to repeal the estate tax with only a simple majority of Senators’ support. However, for that process to be used for a permanent estate tax repeal, the Congressional Budget Office must find that the legislation is revenue neutral.

As The New York Times reports in “Once Again, the Estate Tax May Die” it is not clear how the Republicans would accomplish this.

Revenue neutral means that any cuts to taxation have to be “paid for” by increasing taxes elsewhere or cutting spending. During the campaign, President Trump suggested that an estate tax repeal could be paid for by taxing all of the capital gains in an estate, but he has not proposed any legislation to do that.

It is also not certain that congressional Republicans would be in agreement with the idea.

To complicate matters, House Republicans hope to get much larger tax cuts passed on individual and corporate incomes that would also need to be scored as revenue neutral. They are having a difficult time coming to an agreement over how to pay for those cuts.

Thus, while it might appear that Republican majorities should be the end of the estate tax, in reality things are not that easy.

Reference: New York Times (Feb. 18, 2017) “Once Again, the Estate Tax May Die.

 

Hear From Our Clients
tes-prev
tes-next

I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce

Josh Nelson, and his staff, have been amazingly helpful to our family. The ins and outs of nursing homes, the rules and regulations that govern Medicare and Medicaid are daunting and the folks at Nelson Elder Care Law have been informative, responsive, and above all, empathetic. I cannot emphasize enough how their service has taken a weight off of our shoulders especially during a world pandemic that has targeted nursing homes across our country. I highly recommend retaining Josh and his firm!

- Marcia

I had a simple legal question to them that I needed answered and they very helpful in giving me the information I needed. I highly recommend them and will reach out to them if I need more advice or assistance. Thank you for taking your time to just answer a couple of questions I had!

- Ben