House Passes Estate Tax Repeal
Update of the bill's progress through Congress
As we mentioned in the June column, House Republicans have been whipping up support to repeal the federal estate tax. On June 9, they gathered more than enough votes to pass a bill (H.R.8) that would phase out the tax over a 10-year period. The vote for repeal was 279 to 136, with 65 Democrats crossing party lines to join the Republicans.
Despite this strong showing in the House, President Clinton promises to veto the measure because he says its long-term cost in lost revenue could risk the nation's fiscal health. H.R. 8 would trim federal tax revenue by $28 billion over the first decade and by some $50 billion per year once the phase-out is complete.
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