You turn to us for voices you won't hear anywhere else.

Sign up for Democracy Now!'s Daily Digest to get our latest headlines and stories delivered to your inbox every day.

House Rolls Back Estate Tax

HeadlineJun 23, 2006

In other Congressional news, the House voted Thursday to roll back parts of the estate tax. Republicans call the bill a “compromise” because it does not completely eliminate the estate tax on those who inherit property. The House bill exempts taxes on individuals with estates valued up to $5 million dollars and on couples with estates valued up to $10 million dollars. Heirs of estates valued at up to $25 million dollars would also see a drop in their tax rates. The bill will now go to the Senate. Congressional tax experts estimate that only 5100 estates would now face taxation, down from the current number of 30,000. The bill is estimated to cost up to $300 billion dollars. The House vote came just one day after the Senate rejected a measure that would have raised the minimum wage for the first time in nearly a decade.

The original content of this program is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License. Please attribute legal copies of this work to democracynow.org. Some of the work(s) that this program incorporates, however, may be separately licensed. For further information or additional permissions, contact us.

Non-commercial news needs your support

We rely on contributions from our viewers and listeners to do our work.
Please do your part today.
Make a donation
Top