House Speaker John Boehner, R-Ohio, said on April 14 that the House will move to pass legislation to abolish the federal estate tax. “Estate tax repeal is long overdue,” Boehner said at a news conference in Washington, D.C.
The Death Tax Repeal Bill of 2015 was approved by the House Ways and Means Committee on March 26. The bill is expected to come shortly to the House floor.
On April 13, a White House official said that estate tax repeal legislation would cost $270 billion over 10 years. “The bill would only benefit households that have, or couples that have, more than $11 million of assets, because everyone else is fully exempt from the estate tax,“ Jason Furman, director of the Council of Economic Advisers, said in a conference call with reporters.