House repeals estate tax

The House of Representatives passed on primarily a partisan vote legislation to repeal of the estate tax. Only seven Democrats mostly from rural districts voted for the bill. Proponents for repeal argued that farms and small businesses are penalized with the estate tax. It is estimated the repeal will cost the government $269 billion in lost revenue over the next 10 years. The legislation amends the Internal Revenue Code to repeal the estate and generation-skipping transfer taxes and make permanent the maximum 35% gift tax rate as well as the lifetime gift tax exemption.

Over 80 organizations sent a letter to Congress supporting the “Death Tax Repeal Act of 2015.” The organizations emphasized the negative effects of the estate tax and stated the legislation would help promote job growth. Congressmen Kevin Brady (R-TX) and Sanford Bishop (D-GA) are the co-sponsors of the bill. The bill now goes to the Senate for consideration. The administration has indicated the president would veto the bill.

TAGS: Business
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