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House of Representatives Passes Permanent Estate Tax Repeal
(April 15, 2005)
In a 272 to 162 vote on April 13, the House passed
HR8 – a bill to make the estate tax repeal permanent. The
Senate will now take up this issue. The cost of this repeal is estimated
at $290 billion over 10 years. There is concern from a number of
organizations and analysts that such a repeal could have a dramatic
impact on charitable giving. In addition, Democrats are questioning
the wisdom of the loss of that much revenue in the face of record
budget deficits.
For more information on the possible impacts of this repeal, please
see the links below:
OMB Watch -
http://www.ombwatch.org/article/archive/93
Center on Budget and
Policy Priorities - http://www.cbpp.org/8-3-04tax.aspx
Urban
Institute - http://www.urban.org/UploadedPDF/310810_TaxPolicy_6.pdf
Independent
Sector - http://www.independentsector.org/programs/gr/estatetax.aspx
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