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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.

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