House Votes to Cut Estate Taxes

Posted on Jun 23, 2006

After the GOP-controlled Congress rejected an increase in the minimum wage, House lawmakers have now voted to exempt the heirs of millionaires from having to pay taxes on their inherited wealth.

AP via ABC News:

The House voted Thursday to cut taxes on inherited estates and relieve thousands of heirs from paying tax collectors beginning next decade.

The 269-156 vote, just a few months before an election with control of Congress at stake, saw majority Republicans temporarily setting aside their ambition to abolish the tax.

Instead, they voted to exempt from taxation individual estates up to $5 million and couple’s estates up to $10 million, while also blunting the impact on even richer families. The compromise measure now goes to the Senate.

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