House and Senate Republicans Estate Tax Repeal Bill

​House and Senate Republicans recently introduced legislation to repeal the federal estate tax.  The legislation would repeal the estate tax and the generation skipping tax.  The gift tax would be retained, however the top tax rate would be reduced to 35%.  The present step up in basis rules would be retained so that if a decedent's assets were sold, the heirs would pay income tax only on post date of death appreciation.