Congress moves to eliminate estate tax, benefiting only the wealthiest families

What it does

This bill repeals the federal estate tax (the 'death tax') and the generation-skipping transfer tax, which currently apply to large inheritances passed to heirs and to transfers skipping a generation. It also restructures the gift tax by establishing a $10 million lifetime exemption (adjusted for inflation) and a permanent rate schedule. The primary beneficiaries are wealthy families with estates exceeding current exemption thresholds; ordinary Americans with modest estates are largely unaffected since the current exemption is already $13.61 million per person (2024).

Why we flagged it

The bill's core function is straightforward: it repeals two taxes on large estates and restructures gift taxation. The mechanism is plainly stated, though the title uses the politically charged term 'Death Tax' rather than the technical 'estate tax.' This is messaging, not concealment.

What the text implies

• Repeal eliminates a key mechanism for preventing dynastic wealth concentration; over time, this may increase wealth inequality as large fortunes pass untaxed across generations.
• The $10 million lifetime gift exemption (adjusted for inflation) effectively creates a permanent, indexed wealth-transfer allowance for the wealthy, locking in a high floor regardless of future economic conditions.
• Conforming amendments to gift tax rates (18–35% schedule) apply to all gifts above the exemption, but the exemption itself is so high that most wealthy families can structure transfers to avoid taxation entirely.
• Federal revenue loss is substantial and unbudgeted; absent offsetting revenue measures, this increases the deficit or requires cuts to other programs.

Who it affects

The bill eliminates a tax that applies only to the wealthiest ~0.1% of estates, reducing federal revenue without offsetting cuts or new revenue sources. This shifts the tax burden away from inherited wealth toward wage earners and other taxpayers, and reduces funding for public services. The vast majority of citizens will see no direct benefit.

Who stands to gain

• ultra-high-net-worth individuals and families
• estate planning attorneys and wealth management firms
• family offices and trust companies

Named in the bill

Internal Revenue Code, estate tax, generation-skipping transfer tax, gift tax, qualified domestic trusts, section 2056A, section 2502, section 2505, section 2801

Where it stands

182 cosponsors: 179 Republicans, 2 Democrats, 1 Independents.

• Feb 13, 2025 — Introduced · Congress.gov: “Introduced in House”
• Feb 13, 2025 — Referred to House Committee on Ways and Means · Congress.gov: “Referred to the House Committee on Ways and Means”

Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.

Money around this bill

30 lobbying clients named this bill on 52 disclosure filings across 3 quarters, Dec 2025 to Jun 2026. Those filings disclosed $40,117,779 in lobbying spend. A filing names 13 bills on average, so that figure is what each filing reported, not a share belonging to this bill.

More lobbying clients named this bill than 98% of bills with at least one filing.

Randy Feenstra, the sponsor, reported $570,750 in PAC receipts in the 2026 cycle.

• Chamber of Commerce of the U.S.A. — $17,960,000 on 1 filing
• National Association of Realtors — $14,580,000 on 1 filing
• Food Marketplace Inc — $1,384,000 on 2 filings
• Finseca — $1,080,000 on 2 filings
• National Association of Wholesaler-distributors — $880,000 on 2 filings

Lobbying Disclosure Act filings through Jul 22, 2026. A filing shows who paid to lobby on a bill it names, not what changed.