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Novara

(6,115 posts) Thu Apr 16, 2015, 03:30 PM Apr 2015

U.S. House passes estate tax repeal despite veto threat [View all]

Source: Reuters

(Reuters) - The U.S. House of Representatives on Thursday ignored a White House veto threat and passed legislation to repeal the estate tax that hits inherited assets worth $5.4 million or more.

By a mostly partisan 240-179 vote, the Republican-backed bill will be sent to the Senate, where Democrats are expected to use procedural hurdles to try to block it. Even if it passes the Senate, it would likely fail to achieve a two-thirds majority needed to override a veto.

<snip>

Repealing the tax would boost the federal deficit by about $269 billion over 10 years, according to Congress' Joint Committee on Taxation.

Few Americans pay the 40 percent tax on assets above the $5.4 million exclusion amount. About 5,400 estates, equal to 0.2 percent of taxpayers, will owe such taxes in 2015, according to the JCT.

Read more: http://www.reuters.com/article/2015/04/16/us-usa-tax-estate-idUSKBN0N723C20150416?feedType=RSS&feedName=domesticNews

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U.S. House passes estate tax repeal despite veto threat [View all] Novara Apr 2015 OP

Zillionaires got what they paid for. nt onehandle Apr 2015 #1

Fortunately that's not true. drm604 Apr 2015 #7

Zillionaires got their welfare law passed through Congress...it is what they asked and paid for...darn that Obama! Fred Sanders Apr 2015 #9

5.4 million excluded, and they still are greedy for more. Elmer S. E. Dump Apr 2015 #2

and $10.8 million for married couples. nm progree Apr 2015 #15

Do they have to die at the same time? Elmer S. E. Dump Apr 2015 #17

No. But its complicated. I think they have to do some trust-setting-up type stuff while both are progree Apr 2015 #18

I guess you hire lawyers to do all the work when you have that much money. Elmer S. E. Dump Apr 2015 #19

Hey, Richie Rich! Pay your fare share! KansDem Apr 2015 #3

Now watch Boehner claim this is an attack on family farms. Spitfire of ATJ Apr 2015 #4

I don't have to watch. I know it's coming. jmowreader Apr 2015 #6

In the late 1980's I went to school with a guy. His granddad died and they lost a famliy business Arcadiasix Apr 2015 #12

Actually, it's more likely they cashed in. Spitfire of ATJ Apr 2015 #16

I was told the family wanted to keep the business. Both His dad and uncle worked there. Arcadiasix Apr 2015 #21

Some people like to blame "government" and taxes for everything. Spitfire of ATJ Apr 2015 #22

And in some cases they are right Arcadiasix Apr 2015 #23

Actually, owing BACK taxes have done that. Spitfire of ATJ Apr 2015 #24

They could have kept their business lancer78 Apr 2015 #27

Back then the estate tax exemption was $ 600,000 Yupster Apr 2015 #29

yup lancer78 Apr 2015 #31

For decades the estate tax exemption was $ 600,000 Yupster Apr 2015 #25

Veto this crap STAT!!!! nt wolfie001 Apr 2015 #5

The president doesn't just need to veto this garbage jmowreader Apr 2015 #8

The mass media does not think it such a bad idea...wonder why that is?? Puzzling. Fred Sanders Apr 2015 #10

I don't wonder at all jmowreader Apr 2015 #13

THis had better be more than just a threat of a VETO. bvar22 Apr 2015 #11

US Gov: rich people giving themselves tax breaks. L0oniX Apr 2015 #14

And yet there are so many people voting Republican. Their stupidity amazes me no end! Cal33 Apr 2015 #20

Because when uncle Cletis dies Politicalboi Apr 2015 #26

Of course they did... freshwest Apr 2015 #28

Democrats lost the House because candidates moved hard right. Shitty management has consequences. whereisjustice Apr 2015 #30

There's no difference between the parties. joshcryer Apr 2015 #32