House passes “death tax” repeal

Republicans have said it hurts parents’ ability to pass businesses down to children

New York /
Apr.April 16, 2015 06:20 PM

The House of Representatives passed a repeal today of the estate tax, voting 240-to-179 to ban the law that taxes inheritances of over $5.43 million at 40 percent.

The passage comes despite threats from President Obama earlier this week to veto the measure if it is passed. The bill is unlikely to make it to Obama’s desk, however, as it is expected to die in the Senate. To override a presidential veto, it would need to secure two-thirds of the Senate’s vote.

Today’s vote was largely along party lines, Reuters reported. Rep. Kevin Brady of Texas sponsored the bill.

Republicans have decried the tax, saying that it hurts parents’ ability to pass businesses down to their children, and unfairly double taxes assets that were already taxed as income.

Opponents of the repeal point out that it would increase the deficit by $269 billion over 10 years. [Reuters] — Tess Hofmann

 
 

Related Articles

arrow_forward_ios
Steven Mnuchin (Getty)

Trump plan would let real estate firms avoid SALT deduction cap

Trump plan would let real estate firms avoid SALT deduction cap
Mayor Bill de Blasio (Getty, iStock)

Commercial property tax delinquencies jump 50%

Commercial property tax delinquencies jump 50%
President Donald Trump and former Vice President Joseph Biden (Getty, iStock)

Election puts real estate’s generous tax breaks in spotlight

Election puts real estate’s generous tax breaks in spotlight
CBRE CEO Bob Sulentic; the firm has shifted its global HQ from LA to Dallas. (CBRE, Getty)

“Sad day” in LA: CBRE’s corporate exit latest blow to dented office market

“Sad day” in LA: CBRE’s corporate exit latest blow to dented office market
From June through August, sales taxes collected from the city’s accommodation businesses fell $2.2 billion short of the year-ago total. (iStock)

Business at city hotels down a stunning 90%

Business at city hotels down a stunning 90%
Gov. Phil Murphy (left) and billionaire David Tepper

Does taxing the wealthy really drive them away?

Does taxing the wealthy really drive them away?
Gov. Andrew Cuomo (Getty, iStock)

New York lost $755M in real estate tax revenue this year: REBNY

New York lost $755M in real estate tax revenue this year: REBNY
The Internal Revenue Service is going after foreign real estate investors as part of a broader sweep to collect revenues amid the pandemic.  (iStock)

“There’s a lot of money to be made”: IRS targets foreign real estate investors

“There’s a lot of money to be made”: IRS targets foreign real estate investors
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...