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Lawmakers are constantly proposing changes to existing laws. Now, one lawmaker is proposing legislation that would repeal the estate tax. Many political commentators believe that the proposed bill has a good chance of being enacted into law. This could result in significant savings for many beneficiaries in Florida or in any other state.
There are more than 218 co-sponsors of the bill, which accounts for over half of the representatives in the House. The bill, H.R. 2429, would completely eliminate the existing estate tax. Lawmakers had previously attempted to save some Americans from having to pay the estate tax via the American Taxpayer Relief Act in 2012. However, many in support of the new proposed bill, titled the Death Tax Repeal Act, believe that the previous tax relief act did not go far enough.
One group of taxpayers, which proponents of the new bill are worried about, is farmers. Proponents of the new bill claim that the current estate tax unfairly burdens farm owners, since farm businesses require significantly more capital and assets to earn an equal level of income compared to companies in other industries. It is common for beneficiaries of farmers to be required to sell portions of their inherited farms in order to pay for estate taxes.
On the other hand, one can never be sure what lawmakers will ultimately decide. This is why it is important to keep up-to-date on the latest changes in laws regarding the estate tax in Florida. One should update an estate plan in accordance to the latest changes in estate tax regulations, as well as any other changes in relevant laws.