Summary of Bill HR 338
Bill 118 hr 338, also known as the Permanently Repeal the Estate Tax Act of 2023, is a piece of legislation introduced in the US Congress with the aim of permanently repealing the estate tax. The estate tax, also known as the "death tax," is a tax imposed on the transfer of the estate of a deceased person.
The bill seeks to eliminate this tax entirely, meaning that individuals would no longer have to pay taxes on their estates when they pass away. Proponents of the bill argue that the estate tax is unfair and burdensome, as it can result in double taxation and can be detrimental to family-owned businesses and farms.
Opponents of the bill, however, argue that the estate tax is an important source of revenue for the government and helps to reduce wealth inequality. They also argue that repealing the estate tax would primarily benefit the wealthiest individuals in society.
If passed, the Permanently Repeal the Estate Tax Act of 2023 would have significant implications for the US tax system and could potentially impact government revenue and wealth distribution. The bill is currently being debated in Congress, and its outcome remains uncertain.
Congressional Summary of HR 338
Permanently Repeal the Estate Tax Act of 2023
This bill repeals the federal estate tax, effective for estates of decedents dying after December 31, 2022.