As House Republicans work to repeal the estate tax as part of the GOP’s tax reform package, an opinion piece at The Hill says that the estate tax treats black-owned businesses unfairly. According to contributor Harry Alford, many black-owned businesses are first generation, and “These business owners do not want to sell out at fire sale prices to pay the estate tax and eliminate the livelihoods for the next generation in addition to the jobs for those who they employ.” Read the complete analysis at The Hill.
The Republican tax reform plans in Congress could reduce or end the estate tax. The House proposal would eliminate the tax, while the Senate version would reduce it. According to The Atlantic, the estate tax will only bring in about $20 billion this year. While that adds up to about one-half of one percent of the total amount of revenue that goes to the US Treasury, it has a lot more to do with symbolism. Derek Thompson explains why in this article at The Atlantic.