White House weighs abandoning estate tax repeal in Republican tax push ((This Sept. 19 story corrects paragraph 9 to say the estimated amounts to be raised are annual figures, not totals for the decade)) By Amanda Becker WASHINGTON (Reuters) - The Trump administration may abandon its promise to repeal the U.S. estate tax on inherited assets in an effort to make a still-evolving Republican tax cut framework more politically feasible, according to sources familiar with the deliberations. A so-called Big Six team of Republican tax package negotiators, including senior lawmakers and top Trump advisers, has been tight-lipped about the details that will be part of their plan, expected to be unveiled next week. Republicans have long criticized the estate tax, saying it taxes hard-earned income a second time and hurts family-owned businesses and farms. Democrats say repealing it would be a windfall for only the wealthiest of taxpayers. After months of debate about how to make good on a 2016 campaign promise to overhaul the tax code, Republican tax negotiators are in a bind. They have largely given up on a comprehensive revamp of the code and are now focused on a package of tax cuts for individuals and businesses. To offset the revenue losses that would result from such cuts, they need new revenues and need to hold onto existing revenues to avoid expanding the federal deficit too much. To that end, Trump administration officials have considered keeping the revenue-raising estate tax, which is levied on estate assets worth more than $5.49 million, or $10.98 million  for married couples, according to those familiar with the talks, but not authorized to speak about them. “There have been high-level discussions in the White House about giving up on repealing the estate tax,” said a congressional aide. The 40 percent estate tax currently affects just 0.2 percent of estates, or approximately 5,460 estates this year, according to the nonpartisan Tax Policy Institute, a think tank. But the tax will raise between $25 billion and $34 billion annually over the next decade, the Congressional Budget Office has estimated. A White House spokeswoman declined to comment on “rumors about internal deliberations,” but said President Donald Trump “has made it clear that his priority is ensuring American workers get a pay raise” by making the tax code more competitive. In a recent meeting between Trump, Senate Democratic leader Chuck Schumer and House Democratic leader Nancy Pelosi, the president sought to make the case that his tax plan would not favor the rich. The Democrats pointed to the estate tax repeal, which was then included in the president’s plan, as one benefit for the wealthy, those familiar with the meeting said. Though analysts had expected an estate tax repeal to take a back seat in the Republican tax push to other priorities, they cautioned that if the White House decides to abandon it, the plan would meet resistance from Trump’s own party in Congress. The Big Six team consists of Treasury Secretary Steven Mnuchin, the National Economic Council’s Gary Cohn, Senate Republican leader Mitch McConnell, House Speaker Paul Ryan, and Senator Orrin Hatch and Representative Kevin Brady, who head the tax committees in their respective chambers. Abandoning estate tax repeal would please many Democrats, but make it more difficult to push the tax package through the House of Representatives, where conservative Republicans are already wary of the hush-hush negotiations. “I do think reform will include, if not outright repeal, then a substantial relaxation and modification of the estate tax rules,” Deloitte’s Jonathan Traub told Reuters. Republicans could tweak the estate tax by creating a higher exemption amount, lowering the rate, or a combination thereof. Or they could pursue a temporary repeal to preserve revenue without endangering the package’s prospects,  said analysts and a former committee staffer now in the private sector. “There is this menu of items they want to pay for, the estate tax being one of them,” said Cowen & Co’s Chris Krueger, a Washington analyst. “It’s the candy, not the broccoli.” politicsNews
white house weighs abandoning estate tax repeal republican tax push this story corrects paragraph say estimated amounts raised annual figures totals decade by amanda becker washington reuters the trump administration may abandon promise repeal estate tax inherited assets effort make republican tax cut framework politically feasible according sources familiar deliberations a big six team republican tax package negotiators including senior lawmakers top trump advisers details part plan expected unveiled next week republicans long criticized estate tax saying taxes income second time hurts businesses farms democrats say repealing would landfall wealthiest taxpayers after months debate make good campaign promise overhaul tax code republican tax negotiators bind they largely given comprehensive revamp code focused package tax cuts individuals businesses to offset revenue losses would result cuts need new revenues need hold onto existing revenues avoid expanding federal deficit much to end trump administration officials considered keeping estate tax levied estate assets worth million million married couples according familiar talks authorized speak there discussions white house giving repealing estate tax said congressional aide the percent estate tax currently affects percent estates approximately estates year according nonpartisan tax policy institute think tank but tax raise billion billion annually next decade congressional budget office estimated a white house spokeswoman declined comment rumors internal deliberations said president donald trump made clear priority ensuring american workers get pay raise making tax code competitive in recent meeting trump senate democratic leader chuck scheme house democratic leader nancy pesos president sought make case tax plan would favor rich the democrats pointed estate tax repeal included president plan one benefit wealthy familiar meeting said though analysts expected estate tax repeal take back seat republican tax push priorities cautioned white house decides abandon plan would meet resistance trump party congress the big six team consists treasury secretary steven mnuchin national economic council gary con senate republican leader mitch mcconnell house speaker paul ryan senator train hatch representative kevin brady head tax committees respective chambers abandoning estate tax repeal would please many democrats make difficult push tax package house representatives conservative republicans already wary negotiations i think reform include outright repeal substantial relaxation modification estate tax rules deloitte jonathan true told reuters republicans could tweak estate tax creating higher exemption amount lowering rate combination thereof or could pursue temporary repeal preserve revenue without endangering package prospects said analysts former committee staffer private sector there menu items want pay estate tax one said cohen co chris krueger washington analyst it candy politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: White House weighs abandoning estate tax repeal in Republican tax push ((This Sept. 19 story corrects paragraph 9 to say the estimated amounts to be raised are annual figures, not totals for the decade)) By Amanda Becker WASHINGTON (Reuters) - The Trump administration may abandon its promise to repeal the U.S. estate tax on inherited assets in an effort to make a still-evolving Republican tax cut framework more politically feasible, according to sources familiar with the deliberations. A so-called Big Six team of Republican tax package negotiators, including senior lawmakers and top Trump advisers, has been tight-lipped about the details that will be part of their plan, expected to be unveiled next week. Republicans have long criticized the estate tax, saying it taxes hard-earned income a second time and hurts family-owned businesses and farms. Democrats say repealing it would be a windfall for only the wealthiest of taxpayers. After months of debate about how to make good on a 2016 campaign promise to overhaul the tax code, Republican tax negotiators are in a bind. They have largely given up on a comprehensive revamp of the code and are now focused on a package of tax cuts for individuals and businesses. To offset the revenue losses that would result from such cuts, they need new revenues and need to hold onto existing revenues to avoid expanding the federal deficit too much. To that end, Trump administration officials have considered keeping the revenue-raising estate tax, which is levied on estate assets worth more than $5.49 million, or $10.98 million  for married couples, according to those familiar with the talks, but not authorized to speak about them. “There have been high-level discussions in the White House about giving up on repealing the estate tax,” said a congressional aide. The 40 percent estate tax currently affects just 0.2 percent of estates, or approximately 5,460 estates this year, according to the nonpartisan Tax Policy Institute, a think tank. But the tax will raise between $25 billion and $34 billion annually over the next decade, the Congressional Budget Office has estimated. A White House spokeswoman declined to comment on “rumors about internal deliberations,” but said President Donald Trump “has made it clear that his priority is ensuring American workers get a pay raise” by making the tax code more competitive. In a recent meeting between Trump, Senate Democratic leader Chuck Schumer and House Democratic leader Nancy Pelosi, the president sought to make the case that his tax plan would not favor the rich. The Democrats pointed to the estate tax repeal, which was then included in the president’s plan, as one benefit for the wealthy, those familiar with the meeting said. Though analysts had expected an estate tax repeal to take a back seat in the Republican tax push to other priorities, they cautioned that if the White House decides to abandon it, the plan would meet resistance from Trump’s own party in Congress. The Big Six team consists of Treasury Secretary Steven Mnuchin, the National Economic Council’s Gary Cohn, Senate Republican leader Mitch McConnell, House Speaker Paul Ryan, and Senator Orrin Hatch and Representative Kevin Brady, who head the tax committees in their respective chambers. Abandoning estate tax repeal would please many Democrats, but make it more difficult to push the tax package through the House of Representatives, where conservative Republicans are already wary of the hush-hush negotiations. “I do think reform will include, if not outright repeal, then a substantial relaxation and modification of the estate tax rules,” Deloitte’s Jonathan Traub told Reuters. Republicans could tweak the estate tax by creating a higher exemption amount, lowering the rate, or a combination thereof. Or they could pursue a temporary repeal to preserve revenue without endangering the package’s prospects,  said analysts and a former committee staffer now in the private sector. “There is this menu of items they want to pay for, the estate tax being one of them,” said Cowen & Co’s Chris Krueger, a Washington analyst. “It’s the candy, not the broccoli.” politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: white house weighs abandoning estate tax repeal republican tax push this story corrects paragraph say estimated amounts raised annual figures totals decade by amanda becker washington reuters the trump administration may abandon promise repeal estate tax inherited assets effort make republican tax cut framework politically feasible according sources familiar deliberations a big six team republican tax package negotiators including senior lawmakers top trump advisers details part plan expected unveiled next week republicans long criticized estate tax saying taxes income second time hurts businesses farms democrats say repealing would landfall wealthiest taxpayers after months debate make good campaign promise overhaul tax code republican tax negotiators bind they largely given comprehensive revamp code focused package tax cuts individuals businesses to offset revenue losses would result cuts need new revenues need hold onto existing revenues avoid expanding federal deficit much to end trump administration officials considered keeping estate tax levied estate assets worth million million married couples according familiar talks authorized speak there discussions white house giving repealing estate tax said congressional aide the percent estate tax currently affects percent estates approximately estates year according nonpartisan tax policy institute think tank but tax raise billion billion annually next decade congressional budget office estimated a white house spokeswoman declined comment rumors internal deliberations said president donald trump made clear priority ensuring american workers get pay raise making tax code competitive in recent meeting trump senate democratic leader chuck scheme house democratic leader nancy pesos president sought make case tax plan would favor rich the democrats pointed estate tax repeal included president plan one benefit wealthy familiar meeting said though analysts expected estate tax repeal take back seat republican tax push priorities cautioned white house decides abandon plan would meet resistance trump party congress the big six team consists treasury secretary steven mnuchin national economic council gary con senate republican leader mitch mcconnell house speaker paul ryan senator train hatch representative kevin brady head tax committees respective chambers abandoning estate tax repeal would please many democrats make difficult push tax package house representatives conservative republicans already wary negotiations i think reform include outright repeal substantial relaxation modification estate tax rules deloitte jonathan true told reuters republicans could tweak estate tax creating higher exemption amount lowering rate combination thereof or could pursue temporary repeal preserve revenue without endangering package prospects said analysts former committee staffer private sector there menu items want pay estate tax one said cohen co chris krueger washington analyst it candy politicsnews