The death tax, officially known as the estate tax, is once again on the table in Congress. The One Big Beautiful Bill Act, as written, would make permanent the large exemption created by the 2017 Tax Cuts and Jobs Act.

Currently, Uncle Sam takes a slice of every inheritance greater than $13.99 million, an amount adjusted annually for inflation. The OBBBA would bump that up to $15 million and continue to index that threshold to inflation going forward. This would keep the vast majority of family farmers, small businessmen, and wealthy people free from having to pay the tax when passing their assets to their children.

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