Friday, April 17, 2015

House approves estate tax repeal

House members on Thursday voted 240-179 to repeal the estate tax, a tax that some ag groups say unfairly hurts farm businesses. The tax, also called the "death tax" by some groups and legislators, imposes taxes of up to 40% on some estates. Ag groups argue this hurts capital-intensive family farms, and effectively penalizes the transfer of family farms from one operator to the next.A similar bill to repeal the "death tax" also has been introduced in the Senate by John Thune, R-S.D. But the White House has previously threatened to veto estate tax repeal legislation, favoring tax cuts that focus on education or lower-income Americans. Other opponents of the bill suggest the revenue it eliminates – nearly $269 billion over 10 years, according to the Joint Committee on Taxation – is a drawback...more

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