Senate Majority Leader John Thune (R-S.D.)is calling for a full repeal of the estate tax as Republicans negotiate a sweeping tax cut package. Framing it as protection for family-owned farms and businesses, Thune’s push centers on eliminating the 40% levy applied to estates exceeding $13.99 million. With the current Trump-era exemption set to expire in 2025, the GOP is racing to act. “I continue to advocate for eliminating the death tax once and for all, so no farmer or rancher has to worry about whether the family farm or ranch will be able to stay in the family after they pass,” Thune said on the Senate floor Wednesday.
The estate tax affects less than 0.1% of Americans, but repeal is a long-standing Republican goal. It has gained traction with 46 Senate supporters and widespread House backing.
Eliminating the tax would cost an estimated $300 billion over a decade and would be added to an already ambitious $4.5 trillion tax blueprint. GOP leaders are weighing competing priorities, from Trump’s proposed cuts on tips and Social Security to an expanded SALT deduction.
While full repeal remains uncertain, influential voices, including Vice President JD Vance and several Trump-aligned senators, support Thune’s effort — a signal that estate tax reform could become a central battleground in the coming tax negotiations.
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