It's one part of the president-elect's overall tax plan that he has been particularly specific about. In conjunction with a repeal of the estate tax, he has proposed taxing capital gains on assets upon the owner's death, with exemptions for small businesses and family farms on the first $10 million.
"It ends the death tax," Trump said in September. "It's a double taxation, a lot of families go through hell over the death tax."
"I look forward to working with President-elect Trump on legislation to permanently bury the death tax once and for all," House Ways and Means Committee Chairman Kevin Brady said in an email to CNBC. Ways and Means is the chief tax-writing committee in the House and is where tax legislation generally originates.
"For too long, this tax has threatened family owned businesses — including women and minority-owned businesses — from being passed down to their children and grandchildren. It's time to move forward with pro-growth tax reform that fully repeals the death tax and replaces it with a tax code built for growth," Brady said.
Senate Finance Committee Chairman Orrin Hatch agreed.
"The death tax on family farms, small businesses, ranches and estates has crippled hard-working families for far too long. It ought to be repealed, plain and simple," he said in an email to CNBC.