Passing the third installment of the President’s tax cut package, the House on April 4 approved, 274-154, a bill (H.R. 8) to eliminate estate taxes. Sponsored by Rep. Jennifer Dunn (R-WA), the bill would phase out the estate tax over ten years at a cost of $185.5 billion.
“We have an opportunity today to do something good for American businesses and families by ending the practice of paying a tax that is triggered only by death,” stated Rep. Dunn, adding: “The dollars that are being used to pay estate taxes and pay for compliance could be used to hire more people or provide health benefits. The assumption is confirmed by a recent survey of women business owners where 60 percent of the respondents indicated that the death tax will hurt expansion plans.”
Arguing against the bill, Rep. Charles Rangel (D-NY) said, “Their legislation does not take effect for another 10 years….Do not die in the next 10 years if you want to protect your kids and your estate.”
