Democrats and Republicans in the House of Representatives are preparing for Thursday’s vote on the long-debated estate tax repeal bill.
Known by Republican as the “death tax,” the estate tax is imposed on inherited assets that are worth $5.4 million or more. Critics of the tax have said that it is a burden to grieving people who inherit such fortunes, and argued that it is unfair to tax inherited wealth after a person dies.
“That’s not supposed to be something people have to deal with when they’re grieving for the loss of a loved one," House Majority Whip Steve Scalise of Louisiana said.
Republican Rep. Kevin Brady of Texas also criticized the tax, calling it an “attack on success.”
The White House defended the estate tax, saying in a statement that it would be “fiscally irresponsible” to repeal it and that doing so would “endorse the principle that the wealthiest Americans should not have to pay tax on certain forms of income at all.”
The Joint Committee on Taxation found that if the repeal bill is adopted, it would add $269 billion to the federal deficit over the course of a decade.
“It’s ironic that my Republican colleagues are calling for a balanced budget and then in the same breath offering up a plan that would cost the government $269 billion in lost revenue over a decade,” Democratic Sen. Ron Wyden of Oregon said in a statement.
According to Reuters, the repeal bill stands little chance of becoming law after Thursday’s vote.
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