Statement on Proposed Tax Cut Plan by Republicans, Which Includes Repeal of Federal Estate Tax
San Francisco – Senator Scott Wiener (D-San Francisco) released the following statement about the tax cut plan proposed by President Trump and Congressional Republicans today, which includes a repeal of the federal estate tax. Senator Wiener has introduced legislation to replace the federal estate tax, if repealed, with a California Estate Tax:
“Donald Trump and the Republicans’ tax cut will only help their wealthy friends and donors, while taking a wrecking ball to funding for critical programs and services that support the middle class. The Estate Tax in particular is one of the most progressive taxes we have, only impacting the wealthiest individuals, and to repeal it would be a disaster. California does not have to follow Washington down this foolish path, but instead we can enact our own estate tax so we can continue to fund education, healthcare, transportation and other critical services for the people of this state.”
Senator Wiener introduced Senate Bill 726, which will enact a California estate tax that mirrors the federal estate tax, if it is repealed. The California Estate Tax would only apply to estates of $5.5 million or more. When Senator Wiener introduced SB 726 last year, he said he would only move it forward if the federal estate tax is repealed. If approved by the Legislature, SB 726 would place a measure on the ballot to establish the California Estate Tax. If Republicans follow through on their proposal to repeal the federal estate tax, Senator Wiener will move SB 726 forward when the legislature is back in session next year.