House Passes Estate Tax Repeal
Update of the bill's progress through Congress
As we mentioned in the June column, House Republicans have beenwhipping up support to repeal the federal estate tax. On June 9,they gathered more than enough votes to pass a bill (H.R.8) thatwould phase out the tax over a 10-year period. The vote for repealwas 279 to 136, with 65 Democrats crossing party lines to join theRepublicans.
Despite this strong showing in the House, President Clintonpromises to veto the measure because he says its long-term cost inlost revenue could risk the nation's fiscal health. H.R. 8would trim federal tax revenue by $28 billion over the first decadeand by some $50 billion per year once the phase-out iscomplete.
Continue reading this article — and all of our other premium content with Entrepreneur+
For just $5, you can get unlimited access to all Entrepreneur’s premium content. You’ll find:
- Digestible insight on how to be a better entrepreneur and leader
- Lessons for starting and growing a business from our expert network of CEOs and founders
- Meaningful content to help you make sharper decisions
- Business and life hacks to help you stay ahead of the curve