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The Daily

House Passes Estate Tax Repeal Bill

Chris Gaetano
Published Date:
Apr 16, 2015
Estate Tax ReturnThe House of Representatives has passed a bill that, if implemented, would repeal the estate tax entirely, with the 240-179 vote falling mainly along party lines, according to the Hill. The sponsor of the bill, Rep. Kevin Brady (R-Texas) said that the tax disproportionately affects small business owners and farmers, versus wealthier individuals who can afford complex estate tax planning, and so felt the solution was to get rid of the tax entirely. Democrats, however, accused the Republicans of favoring wealthy donors and said the bill would only benefit the roughly 5,000 estates that would be subject to the tax in the first place. The White House has vowed to veto the bill if it comes across his desk, said the Hill. Further, it does not have enough support in the Senate to resist a filibuster.