June 20, 2003
With a vote of 264?163, the House voted this week to approve legislation to make the repeal of the federal estate tax permanent.
?The estate tax is yet another tax burden placed on the American people, particularly family farms and small business,? said Congressman Bill Thomas (R-Calif.), chairman of the Ways and Means Committee. ?Today?s vote reflects the continued Republican ideal to provide consistent tax relief to working Americans.?
Currently the estate tax provisions will expire at the end of 2010. With the passage of the new rule (H.R. 8), American taxpayers will not be subject to an estate tax hike beginning Jan. 1, 2011.
The measure now heads to the Senate, and if approved by that body, to President Bush for his signature.
Staff contact: Peter Orwick, ext. 33.