Federal estate tax repeal approved in House

[JURIST] The US House of Representatives voted 272-162 [roll call vote] late Wednesday to permanently repeal federal estate taxes in 2010 and beyond. The federal government is estimated to lose $290 billion in tax revenue over a decade if the bill, HR 8 succeeds in the Senate. Many Democrats see the ban as favoring the wealthy while making the federal deficit even worse. Republican backers of the bill said the elimination of the estate tax would end discrimination against certain families. Similar bills have been passed by the House, but have languished in the Senate. AP has more.



 

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