Estate tax not fully repealed in Senate tax bill

The Senate proposal to rewrite the tax code will not include a full repeal of the estate tax, according to a senator briefed on the soon-to-be-released draft plan.

Sen. John Hoeven (R-N.D.) made the comments Thursday when GOP lawmakers were briefed on the details of the proposal.

The House version of the tax rewrite phases out the estate tax, which Republicans have derided for years as a “death tax.” Lawmakers in the lower body are debating that plan in committee this week and hope to vote on the full measure next week.

{mosads}But some more moderate leaning Republicans in the Senate say the exemption amount, now $5.5 million for an individual, means the levy only impacts the very rich and say the revenue could be used better elsewhere.