PA's Bresnahan trying to remove estate tax on the ultra-rich

On Representative Bresnahan’s congress.gov site, there’s a list of news articles extolling the good things he’s done for his constituents lately. Some of these things are objectively good: simplifying veterans' claims, fighting illegal drug smuggling…

But there is one thing that is conspicuously absent – something that he probably doesn’t want you to know about.

On February 13, 2025, Bresnahan co-sponsored a bill to eliminate the estate tax.

The estate tax is a tax on wealth at time of death for individuals with, as of 2025, over $13,990,000 in net value - properties, belongings, and investments, with debts like mortgages subtracted from that total. The amount taxed: anything over 13.9 million. You exclude the first 13.9 million from any taxation. (Source: IRS.gov)

Cutting the estate tax would be an estimated $370 billion loss over the next 10 years. (Source: National Law Review)

When I called Bresnahan’s office to ask why he was co-sponsoring this bill, Bresnahan’s staff said that “some farmers” had testified saying it would help “keep farms in the family”.

This is a blatant misdirection of the truth. Let me explain why: * Why is the bill set to eliminate ALL estate tax, if farmers are the compelling issue? * How many farmers have family farms worth over $13.9 million, after debt? * Even “high-income” farms only have a median of $3.6 million in net wealth, according to the USDA (2023 number from ERS.USDA.gov). * The government already allows heirs to pay farm-related estate tax over time at a very low interest rate. (Source: IRS.gov)

Why is Bresnahan focusing on helping the ultra-rich while he is in office? Why is he not focused on his constituents, who have a median income of $60,905 and an average net wealth of $137,800?

Who fights for families struggling to feed their kids or pay bills? Maybe Bresnahan would, if we were in the same tax bracket.

Link to Bill: https://www.congress.gov/bill/119th-congress/house-bill/1301?s=1&r=2

IRS page on estate tax: https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax

Minutiae on payment plans for estate taxes, including special cases for farms: https://www.irs.gov/irm/part5/irm_05-005-006

USDA numbers on farmer wealth: https://www.ers.usda.gov/topics/farm-economy/farm-household-well-being/income-and-wealth-in-context

Estimated cost of repealing estate tax: https://natlawreview.com/article/summary-tax-proposals-leaked-document-detailing-policy-proposals