House passes bill to repeal death tax

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from FoxNews,

The House voted Thursday to repeal the federal tax on estates, a politically volatile issue that affects few inheritances.

Republicans refer to it as the “death tax.” They say it prevents small business owners and family farmers from passing businesses on to their heirs.

“Can you imagine working your whole life to build up a family-owned business and then upon your death Uncle Sam swoops in and takes nearly half of what you spent a lifetime building up for your children and grandchildren?” asked Rep. Kevin Brady, R-Texas, who sponsored the bill.

“It is at its heart an immoral tax,” he said.

Democrats say repealing the tax is a giveaway to the rich, since the only families that pay it have many millions in assets. The bill now goes to the Senate where Democrats appear to have enough votes to block it.

The White House has threatened to veto the bill in part because it would add $269 billion to the budget deficit over the next decade.

“This proposed repeal of the estate tax is nothing more than a massive unfunded tax break for a small sliver of America’s wealthiest families,” said Rep. Jim McDermott, D-Wash. “What are they doing? Shoveling a quarter of a trillion dollars out the door to the richest.”

The vote was 240-179.

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