The House of Representatives has voted to give a tax break to the richest few thousand Americans. And the tax money lost would be added to the federal debt.
The measure, were it to pass the Senate and be signed into law, would affect only a few thousand estates in the country.
Currently, the exemption is $5.4 million per person, or $10.9 million for couples. A full 99.8 percent of Americans aren’t rich enough to have to pay any estate taxes.
If this were to pass, even the super rich would be exempt.
The measure would add $269 billion to the federal deficit, according to a story on the Huffington Post.
The bill has an uphill fight in the Senate, where Democrats are almost universally opposed, and President Obama has said he will veto it
If you have questions about estate planning, feel free to call us for a consultation at (626) 696-3145.
