The U.S. House of Representatives voted to approve the Death Tax Repeal Act, H.R. 1105, last week, 240 to 179. The federal estate tax or “death tax” is imposed on the right to transfer property at death. It is integral to the larger tax debate.
According to an article published by The Hill: “The Joint Committee on Taxation estimates that 5,400 estates will have to deal with the tax over the next several years, out of the well over 2 million deaths that occur annually.”
The tax itself can be as high as 40 percent of the inheritance, a number many business owners and taxpayers on those businesses, don’t find fair.
A similar bill is pending in the Senate; but it is not likely to pass through the president if or when it arrives. Stay tuned for more updates.