WASHINGTON -- The U.S. House voted last week to end taxes on inherited estates.
According to Reuters, the bill passed 264-163. The bill seeks to abolish taxes on estates and reduce revenue by $162 billion through 2013.
A law passed in 2001 eliminates the tax in 2010, only to resurrect it a year later, a quirk forced by Senate rules designed to prevent lawmakers from deepening budget deficits. Dealers argue that the tax is a threat to family-owned businesses such as dealerships. Passage in the Senate, lawmakers concede, will be tough.