Congress’ recent vote to eliminate the so-called “death tax”-which is levied on monetary assets and property owned by a person at death-is a positive first step down the long road to enactment, according to the Independent Insurance Agents of America (IIAA). The House of Representatives voted 270-136 to approve the Death Tax Elimination Act, proposing to phase out estate and gift taxes over the next 10 years. Under the legislation, current estate and gift tax rates would be reduced by five percent each year until they are completely eliminated. IIAA believes the measure will help solidify the future of small businesses instead of putting families out of business following the death of the owner. The repeal proposal must be approved by the Senate before it can go to President Clinton.
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