United States:
US House Of Representatives Votes To Repeal Estate Tax
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On 16 April the House of Representatives voted to repeal estate
tax, currently 40% with a $5.5 million exemption for individuals
and an $11 million exemption for couples. The debate is an ongoing
one, with the Republican majority arguing that elimination will aid
the economy, sparing family-fun businesses and smallholdings.
Democrats criticize the move as a hand-out to the wealthy and say
that repealing it would cost the treasury in the region of $270
billion over 10 years. The bill must be passed by the Senate in
order to proceed, and no date has been set for a vote as yet.
Research has shown that estate taxes encourage charitable
giving, both during life and on death as wealthy individuals are
incentivised to reduce the size of their taxable estate.
Elimination is likely to have a detrimental impact on donations to
charity.
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