WASHINGTON D.D. (WTVB) – The so-called Death Tax has been repealed in the House and is headed to the Senate. Congressman Tim Walberg says the federal estate tax ranks near the top of all the countless unfair provisions in the tax code.
The repeal was approved yesterday along party lines with the 13 member Michigan delegation included with all 9 Republicans in favor and the 5 Democrats against. Overall, the vote was 240-179.
Estate taxes are imposed on inherited assets of more than five-million dollars. Democrats say a small percentage of the U.S. population is impacted by the estate tax and argue that repealing it would add more than $250-billion to the federal deficit over a decade.
Senate Democrats will likely try to block the repeal and the White House has threatened a presidential veto of the legislation.
