In November, Rep. Mia Love and other House Republicans unveiled and passed their version of the 2017 Tax Reform Plan. The bill contained several provisions that, much like the final version passed in December, drastically slashed taxes on wealthy households and added over $1 trillion to our nation’s staggering debt level of $14 trillion.
The estate tax is paid by a small group of wealthy U.S. households on the property transferred to their heirs when they die. Prior to passage of the tax reform plan, fewer than two households in 1,000 paid the tax because it required an individual net worth of $5.