Republican Tax Reform Plan Includes Estate Tax Repeal

In the https://www.treasury.gov/press-center/press-releases/Documents/Tax-Framework.pdf (Sept. 27, 2017), the President and Congressional Republicans provided a framework of their tax reform proposal, which includes repeal of the estate and generation-skipping transfer taxes. The proposal would:

1. cut the corporate income tax rate from 35 percent to 20 percent;
2. cut the rate for pass-through businesses to 25 percent (rather than the present individual income tax rate);
3. cut the top individual income tax rate from 39.6 percent to 35 percent;
4. reduce from seven to three (12 percent, 25 percent, and 35 percent) the number of individual income tax brackets;
5. raise the bottom income tax rate from 10 percent to 12 percent;
6. nearly double the standard deduction;
7. significantly increase the child tax care credit;
8. repeal the alternate minimum tax;
9. eliminate yet-to-be-named tax breaks (to make up for part of the revenue lost by the tax cuts); and
10. repeal “the death tax and the generation-skipping transfer tax.”

It does not mention the gift tax, chapter 14 (the anti-estate freezing rules), basis, or the effective date of the repeal.