In what could be a massive shift in tax law, the US House voted to repeal the estate tax 240-179 with significant Republican support. The change would result in the total abolishment of the tax and preserve the stepped up basis rule which is already in the code. However, this bill will face significant opposition both in the Senate and with President Obama who has already indicated he does not agree with the change. No matter what ultimately happens, this act will certainly bring out the political big guns in the foreseeable future.
See Ashlea Ebeling, House Votes 240-179 To Repeal Estate Tax, Forbes, Apr. 16, 2015.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
