House To Vote On Estate Tax Repeal

The House Ways and Means Committee is planning to vote soon on a bill to repeal the federal estate tax.

The bill has no chance to become law since President Obama will certainly veto it.

The US imposes a top rate of 40 percent after an exemption of $5.43 million per person, or $10.86 million per couple.

The government collects $21 billion a year from the estate tax, according to a story on

But the tax only affects a few people, less than one-half of one percent of Americans.

The exemption has been raised and lowered over the years. Critics say it penalizes the rich, particularly farmers. Supporters say it protects rich kids who won’t ever have to work for a living.

The bill is H.R. 1105.

If you have questions about estate planning, feel free to call us at (626) 696-3145.

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