The House of Representatives voted to kill the federal estate tax 240-179 on April 16, 2015, with 7 Democrats joining. Those in favor of repeal feel that the estate tax would stimulate the economy and take the burden off of small businesses and farms. Conversely, those in favor of the tax feel that it provides additional revenue and would reduce concentrations of wealth. The White House weighed in on this on their blog: “Taxpayers have a choice of ‘giveaways to the wealthy few’ … versus ‘tax cuts for the middle class.’” Most likely, the House will make the anti-estate law an election issue.
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