Most members of Congress don't give a damn about us or the good of the country. They care mainly about how much they can receive from donors.
http://abcnews.go.com/Politics/wireStory...x-30366826
http://abcnews.go.com/Politics/wireStory...x-30366826
Quote:This proposed repeal of the estate tax is nothing more than a massive unfunded tax break for a small sliver of America's wealthiest families," said Rep. , D-Wash. "What are they doing? Shoveling a quart of a trillion dollars out the door to the richest."
The vote was 240-179.
The House also passed a bill to make permanent a deduction for state and local sales taxes that expired at the beginning of the year. The White House threatened to veto that bill in part because it would have added $42 billion to the budget deficit over the next decade.
The federal tax rate on estates is 40 percent, but big exemptions limit the share of estates that pay it to fewer than 1 percent.
This year, the exemption is $5.43 million for a single person. Married couples can exempt up to $10.9 million. Larger estates pay taxes only on the amounts above these thresholds.
A total of 5,400 estates are expected to pay the tax this year — out of about 2.6 million deaths, according to the nonpartisan Joint Committee on Taxation, which provides official estimates for Congress. That's 0.2 percent of all deaths in the U.S.