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Article: Juggling opposites: Planning and possible estate tax repeal.
- Article from:
- Accounting Today
- Article date:
- July 24, 2000
- Author:
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On June 9, 2000, the U.S. House of Representatives passed HR 8, "The Death Tax Elimination Act of 2000," which would repeal the federal estate tax over a 10-year period. The vote was 279 to 136. The repeal, however, would carry the trade-off of generally eliminating the stepped-up basis at death for estates valued at more than $1.3 million.
Many Democrats joined in what would appear to be a veto-proof majority, although there were predictions that some of those favorable votes would disappear if an override vote actually were taken. The Senate is not expected to take up the legislation as a stand-alone bill, but rather in combination with other legislation.
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