Senate Majority Leader John Thune (R-SD) called for including a permanent repeal of the estate tax in the reconciliation bill congressional Republicans are developing. Full repeal of the estate tax is supported by 46 senators and House Ways and Means Committee Chair Jason Smith (R-MO). Permanent elimination of the estate tax would add an additional $300 billion over ten years to the cost of the reconciliation bill. Senator Chuck Grassley (R-IA) is saying the GOP will ultimately extend the existing estate exemption, rather than repeal it. Interestingly, Senate Finance Committee Chair Mike Crapo (R-ID), who has also historically supported eliminating the estate tax, is refusing to discuss the prospects of a full repeal of the estate tax making it into the reconciliation package.
