President Donald Trump will include estate tax repeal in his tax reform proposal, the administration's top economic advisor said today in Washington.
Gary Cohn, the director of the National Economic Council, talked about estate tax repeal at a White House briefing. The White House has posted a video of the briefing on YouTube.
"We're going to repeal the death tax," Cohn said. "The threat of being hurt by the death tax leads small-business owners and farmers in this country to waste countless hours and resources on complicated estate planning to make sure their children aren't hit with a huge tax when they die. No one wants to see their children have to sell the family business to pay an unfair tax."
Trump is proposing that the estate tax would be eliminated as soon as the proposal becomes law, Cohn said.
Cohn said the Trump administration tax reform proposal will include many tax breaks that help high-income people but will protect tax incentives that encourage charitable giving and retirement saving.
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