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Estate Tax Repeal: Easier Wealth Transfer for Families

This bill aims to completely eliminate the estate tax, meaning that after a loved one's death, there will be no additional tax on inherited assets. This change could provide financial relief to families and simplify the process of passing down wealth across generations.
Key points
Abolition of the estate tax for individuals dying after December 31, 2020.
Retention of the stepped-up basis rule for inherited assets, potentially reducing future capital gains taxes.
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Additional Information
Permanently Repeal the Estate Tax Act of 2021
Print number: HR 822
Sponsor: Rep. Latta, Robert E. [R-OH-5]
Process start date: 2021-02-04