Repealing the estate tax could create headaches for the rich – as well as worsen inequality

As it stands, only a tiny fraction of America's wealthy are ever subjected to the estate tax. Krisanapong Detraphiphat/Getty Images

Nothing is more certain than death and taxes, Benjamin Franklin famously declared. And, since 1916, the federal government has imposed an estate tax on the transfer of property owned at death.

But the Trump administration and Republican lawmakers may be on the verge of changing all that. GOP legislators are now considering a massive bill that includes major tax law changes and could pass by June or July 2025. Among the measures under consideration in both the House and Senate is the Death Tax Repeal Act, which would end the federal estate tax and reduce the tax rate on lifetime gifts.