Another attempt to repeal death tax proposed

Legislation to permanently repeal the federal estate, gift and generation-skipping taxes was introduced last week in the House. Farm groups strongly supports the measure, known as the “Death Tax Repeal Act.” The measure was sponsored by Mac Thornberry, R-Texas. The estate tax is levied on the net value–less an exemption–of an owner’s assets transferred at death to an heir or heirs. For the 2016 tax year, the exemptions for the estate, gift and generation-skipping taxes are $5.45 million for an individual and $10.9 million for couples. Read more at USAgNet….