For the first time in a decade, the U.S. House of Representatives is scheduled to vote to fully repeal the estate tax, also called the death tax.
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The legislation, the Death Tax Repeal Act (H.R. 1105) introduced by Rep. Kevin Brady (R-Texas) and Rep. Sanford Bishop (D-Ga.), passed the House Committee on Ways and Means in late March and is slated to be considered by the full House later this week. The bill would repeal the estate and generation-skipping transfer taxes and makes permanent the maximum 35 percent gift tax rate and lifetime gift tax emption. It also provides for an inflation adjustment to such exemption amount.