Mitt Romney on Tuesday slammed the Senate’s GOP-led plan to eliminate the estate tax as “wasteful and impractical” and called for a bipartisan solution.
In a tweet Tuesday afternoon, Romney said that a bipartisan Senate bill would provide relief for millions of taxpayers who are currently hit by the estate-tax exemption, the largest tax deduction in the United States.
“This is not just a Republican idea.
This is a bipartisan idea,” Romney wrote.
The estate tax is one of the most regressive tax systems in the country, and has led to a growing number of people paying it.
According to the nonpartisan Tax Policy Center, the tax rate for estates of $5 million and above, which is the maximum rate that the U.S. can impose on a taxable estate, is just 2.9 percent.
It’s also one of only a few tax breaks that does not pay for itself, meaning that as people pay, their taxes go up.
This is NOT a partisan idea.
The Senate’s bipartisan bill would help millions of middle-class families pay the estate taxes they currently pay.
However, the bill would reduce the estate and gift taxes paid by wealthy taxpayers.
As of 2018, the estate, gift, and casualty taxes are the highest in the world, according to the Tax Policy Centre, with the top three tax rates in the U, U.K., and Australia each contributing as much as 50 percent to the total amount of tax that Americans pay.
The Senate bill also would allow the president to waive certain tax provisions.
If Congress were to pass a comprehensive tax reform bill by March, it would eliminate the individual estate and estate-trust taxes.
President Donald Trump has proposed cutting the individual rate from 39.6 percent to 28 percent, eliminating the individual income tax for families, and reducing the corporate tax rate from 35 percent to 20 percent.
House Republicans have already passed a bill to repeal the estate deduction, but the measure would only repeal the tax exemption for the estate of $11 million and up.
That would be a $2 million exemption for individuals and $6 million exemption if they are married filing jointly.
Republicans in the House also passed a measure in the summer to eliminate all of the individual and estate taxes for the first $5.8 million of taxable estate.
This provision has been widely condemned by progressive groups, including the Center for Budget and Policy Priorities, as a giveaway to wealthy families.
Democrats have also pushed to eliminate many of the tax deductions that are currently targeted at high-income taxpayers, including those that help them pay state and local taxes.
This bill, they argue, is not about eliminating the estate or gift taxes but about eliminating these deductions, including state and state sales taxes, property taxes, excise taxes, and income-tax deductions.
On Monday, Senate Majority Leader Mitch McConnell and other Republicans proposed a bipartisan tax bill that would eliminate a number of tax deductions for high-earners.
Republicans also would also repeal the state and property taxes on homes, but that provision is more complicated.
But while Republicans are pushing for a broad bipartisan solution, they have not yet said what their plans would look like.
For now, the president and the Senate Republicans have vowed to pass their tax bill by early March.