Trump to withdraw proposed Obama rules on estate taxes, Mnuchin announces

Trump to withdraw proposed Obama rules on estate taxes, Mnuchin announces
The Treasury Department announced Wednesday it will withdraw estate-tax rules proposed by the Obama administration that were opposed by Republican lawmakers and business groups, calling the pending regulations “unworkable.”
“This is only the beginning of our efforts to reduce the burden of tax regulations,” Treasury Secretary Steven Mnuchin said. “Our tax code has been broken for too long, and this retrospective review, along with our efforts on tax reform, will ensure that we have a tax system that fosters economic growth.”

The Obama administration proposed rules in August 2016 that would have meant increased estate taxes on family-owned businesses after the death of a business owner. Republicans and business groups said the proposal would make it harder for business owners to hand down their companies to their children.
In a tax-reform plan released last week, President Trump and congressional Republicans also propose to repeal the estate tax.
In addition, Treasury also said that it plans to fully repeal proposed Obama-era rules defining a political subdivision that can issue tax-exempt bonds. Treasury’s statement said it is looking at other proposed rules to revise or repeal.The Washington Times