Below is a great excerpt taken from the White House briefing yesterday, April 26th, where a question was asked to Treasury Secretary Munchin/Director of National Economic Council, Gary Cohn, if the administration is really going to get rid of the death tax once and for all, total repeal. We liked the response as Jim Martin has been trying to get this accomplished since he started 60 Plus Association 25 years ago.
We’re going to repeal the death tax. The threat of being hit by the death tax leaves small business owners and farmers in this country to waste countless hours and resources on complicated estate planning to make sure their children aren’t hit with a huge tax when they die. No one wants to see their children have to sell the family business to pay an unfair tax.
Thank you, Mr. Secretary. Quick question. You bring up repeal of the death tax, the estate tax. This is an issue that’s been going on for decades. And it used to be they were always talking about phasing out the death tax over a period of years. Groups such as Jim Martin’s 60-Plus Seniors Association said they wouldn’t accept it and wanted immediate killing of the death tax. Is that what this is going to be? Or is it going to be a phase-out measure again?
DIRECTOR COHN: Right now our initial proposal is to immediately phase out — when this proposal becomes effective — to phase out the death tax immediately.
Q You say “phase” and “immediate.”
DIRECTOR COHN: With the implementation of the new tax, the death tax would disappear.
Q Mr. Secretary, two questions. One, this is obviously a statement of core principles — it’s just one page. Obviously tax reform would be much more complicated. When will we see the details? When will we see the actual plan?
SECRETARY MNUCHIN: We are moving as quickly as we can. So we are working with the House and Senate on all the details. And this is — everybody has an agreement we are going to move this as fast as we can. And when we have an agreement we will release the details and go through it with all of you.
