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House Votes To Repeal Tax On Richest 0.2 Percent Of Americans

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taxing-the-richWASHINGTON — The House of Representatives voted Thursday to give a tax break worth $269 billion to the richest few thousand estates in the country, and add that cost to the federal debt.

Called the Death Tax Repeal Act of 2015, the bill would end the nearly 100-year-old federal estate tax. All but three Republicans voted in favor, while all but seven Democrats voted against. The legislation passed 239 to 179.

The measure benefits only the top .2 percent of the population because the other 99.8 percent of the country doesn’t own enough wealth to ever pay the tax. Only estates worth more than $10.9 million for couples and $5.4 million for individuals fall under the tax.

Democrats were harshly critical of the bill, saying that it showed Republicans were being hypocritical with their recent expressions of concern for the widening income inequality gap in America.

“Today’s vote to repeal the estate tax is just the Republican’s last attempt to tilt the U.S. tax code in favor of their ultra wealthy campaign donors,” said Rep. Jim McDermott (D-Wash.).

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