Wealthiest Win as US House Panel Advances Estate-tax Repeal
The 99-year-old U.S. estate tax would disappear under a bill approved by the House Committee on Ways and Means. The legislation, backed on a 22-10 party-line vote, would benefit about 5,500 families who pay the tax each year, plus thousands of others who organize their finances to avoid the 40 percent tax on estates upon death. It would deprive the U.S. government of $269 billion in revenue over a decade.
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