But studies by the Congressional Budget Office and Treasury have suggested repeal would cut into charitable giving.
Here's a hypothetical example: A wealthy couple leaves an estate valued at $20 million. Today, they might give $5.45 million, tax free, to their son and daughter and, to avoid taxation, leave $8 million to their church or synagogue, university and local hospital. If there were no estate tax, it's easy to see how they might leave junior and his sister $7 million apiece and give the non-profit $6 million, or a quarter less.
"Repeal will reduce charitable giving, the only issue is how much," says Michael Graetz, a Columbia University law professor, who was assistant Treasury secretary for tax policy in the George H.W. Bush administration and has written a book on the estate tax.
During the campaign, Trump repeatedly promised to repeal a law that prohibits tax-exempt organizations from participating in political activities. This was intended to curry favor with the religious right and, as with many of his promises, it isn't clear whether he intends to follow through.
If he does make good on this pledge, and if such a move is upheld legally, this could reverse a trend of religious organizations getting a declining share of the charitable pie. But the likely result would be to increase politically directed contributions and activity and not help human services.
However all this unfolds, December, as always, is the biggest giving month, with contributions that are than twice as high as any other month. With a more robust economy and rising stock market, over the next few weeks remember to dig a little deeper in your pocket, especially for the poor.
Albert R. Hunt is a Bloomberg View columnist. He was the executive editor of Bloomberg News, before which he was a reporter, bureau chief and executive Washington editor at the Wall Street Journal.
This column was provided by Bloomberg News.