Trump’s Goal of Estate Tax Repeal

[Brian Anderson]

If the Trump Administration is able to repeal the federal estate tax – one of the main provisions of the reform plan they are pushing – 40% of insurers say it will have a “significant negative impact” on their survivorship life insurance sales while another 54% say it would have a “minor negative impact.”

First off, do you think it will happen? And if it does, sure, survivorship life sales would suffer, but will a lot of HNW families who have policies expressly for estate tax protection abandon those policies?

Insurance Forums | How estate tax repeal could impact life insurance sales, retention

 

[walthamny]

I think if Trump can simplify personal income tax before the next election, then middle class would approve estate tax elimination easily. And by simplify, I mean that all 1099's and W2's get electronically submitted to IRS by January 5, and 90% of USA can just login and on January 30 and be done with. There would be no physical mailing of any tax forms. And when a child applies for SSN, it can get auto added to tax profile. So can every divorce agreement on custody get auto loaded. And yes, you will probably put thousands out of a job who basically do this paper chasing work right now.

Instead most likely, we will get corporate tax return reform and possibly another personal deduction for child care, and possible expansion of self employed folks. So I say either a 10 year estate tax repeal or nothing at all.