House Votes to Cut Estate Taxes
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.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.
WAIT BEFORE YOU GO...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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DreamWorks Studios is moving forward with its planned Martin Luther King Jr. feature film after the project suffered a setback last year because of a dispute between members of the late civil rights leader's family. On Tuesday, the studio announced that it had hired screenwriter Ron Harwood, who penned the Oscar-winning script for "The Pianist," to write the screenplay for the MLK movie.
Leona Helmsley, the recently deceased billionaire who was famous for being mean and evading taxes, left two of her grandchildren nothing but gave her dog Trouble a $12-million trust fund so it can continue to enjoy the lifestyle it has become accustomed to.
Normally, this would be cause for unbridled celebration. However, Republicans had cowardly and self-servingly tacked an estate tax reduction onto a bill designed to raise the minimum wage. So good legislation had to die in order for a terrible bill never to live.
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