South Dakota Sen. John Thune and other top Republicans will launch a new drive to repeal the estate tax next year, while pulling back on efforts to force a year-end vote aimed at blocking a proposed Treasury Department rule that would tighten levies on inheritances.Thune, a senior Finance Committee member, has voiced confidence that there would be consensus support for his proposal to repeal the estate tax as part of a broad tax overhaul in the 115th Congress.

"If we can get into a debate about comprehensive tax reform, the odds are good that we can repeal the estate tax," the South Dakota Republican said in an interview.

President-elect Donald Trump and the House GOP's "Better Way" agenda both include repealing the estate tax as a cornerstone.

Currently, individuals can inherit estates worth up to $5.45 million without being taxed. Estates valued over that threshold are taxed at a rate of 40 percent, under a bipartisan compromise that was included in the 2013 fiscal cliff deal. According to GOP aides, full repeal of the estate tax would cost an estimated $200 billion over 10 years.