New bills offered, IRS regs spiked

Posted on January, 25 2017, 16:02


Yesterday, Senator John Thune (see picture of the Senator and me above) introduced the Death Tax Repeal Act in the Senate and Congresswoman Kristi Noem introduced it with Democratic Congressman Stanford Bishop in the House.  Here is a hotlink to Noem's announcement with a moving story of her family's experience with the Death Tax:  https://www.dropbox.com/s/q5pv741yqnvhu4g/17.01.24_NoemDiscussesDeathTax.mp4?dl=0

I hope you'll urge your Representative and Senators to cosponsor the Death Tax Repeal Act of 2017.  In the House, the Noem bill is H.R. 631.  In the Senate, the Thune measure is S. 205  These identical bills:

  • completely and immediately repeal the estate tax
  • completely and immediately repeal the generation skipping tax
  • keep the step-up-in basis for capital gains tax treatment of assets in an estate

On another important issue regarding the Death Tax, an underreported "Executive Memorandum" has been issued by the White House directing agencies to, "send no regulation to the Office of the Federal Register (the "OFR") until a department or agency head appointed or designated by the President after noon on January 20, 2017, reviews and approves the regulation."  In other words, this should effectively stop the IRS' proposed regulation under Section 2704 which would eliminate the family business minority discount.   
 
The memorandum continues, "With respect to regulations that have been sent to the OFR [Office of the Federal Register] but not published in the Federal Register, immediately withdraw them from the OFR for review and approval..."
For a full copy of the memorandum.  go to:  https://www.whitehouse.gov/the-press-office/2017/01/20/memorandum-heads-executive-departments-and-agencies.  For a copy of my testimony before the IRS on the proposal, please send me an email.

We had some technical problems with our weekly newsletter which have been cleaned up.  Watch for important updates on the Death Tax and on our efforts in your behalf.