Death Tax Officially on Chopping Block

April 26, 2017 07:24 PM

"We have a once-in-a-generation opportunity to do something really big," White House Chief Economic Adviser Gary Cohn said at a White House press briefing earlier on Wednesday.

Cohn was at the briefing to discuss the Trump administration’s sweeping tax reform plan that have some considerable changes – including repealing the so-called death tax, which is sometimes criticized as a hardship for small businesses and farms.

The Trump administration is billing its “2017 Tax Reform for Economic Growth and American Jobs” as “The biggest individual and business tax cut in American history.” Here are some additional highlights:

  • Individual income tax brackets would be reduced from 7 to 3 – now taxed at 10%, 25% and 35%.
  • Standard deduction for families would double, and the reform also includes tax relief for child and dependent care expenses.
  • The Alternative Minimum Tax would be eliminated.
  • Business tax rate would be lowered to 15%.
  • Tax breaks for special interest would be eliminated.
tax plan

There is and will be continued debate over whether these changes will cause the federal government to lose massive amounts of revenue. At today’s briefing, Treasury Secretary Steve Mnuchin said the changes will stimulate the economy and grow U.S. jobs.

"This will pay for itself with growth and with reduction of different deductions and closing loopholes," said Mnuchin.

Earlier this year, a Congressional Budget Office report concluded it could add as much as $6 trillion to the national debt, however.

More information about the proposed tax reforms will soon be made available on

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Spell Check

scottsboro, AL
4/27/2017 08:11 AM

  Entitlements rob folks of ambition. Inheritance is an entitlement.

texas, TX
4/28/2017 10:12 AM

  Amen Edjumacated redneck! 3 generations still sweating and bleeding here!

Wisconsin Corn Grower
Kewaunee, WI
4/27/2017 06:59 AM

  You cannot tax cut your way out of this deficit and still fix roads and bridges not to mention build a useless wall. We have been there and done this before it only benefits the wealthiest corporations at the expense of the middle class working man. The only way to solve this problem and still provide essential services is a balanced approach of reduced spending and increased revenues. We cannot run this country on the same budget we did back in the 1960's with all the additional people and infrastructure that is required. It is time that the Baby Boom Generation started taking responsibility for kicking the can down the road and not pass this problem onto my generation and the next.


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