On Wednesday, the House Ways and Means Committee approved H.R. 1105, the Death Tax Repeal Act, which was the first vote of its kind in a decade, to repeal the estate tax for small businesses and farms. Concurrently, the administration’s FY 2016 budget sought to expand the estate tax by modifying the step-up basis of assets with a few exceptions. The GOP proposal has little chance of becoming law and would be issued an immediate presidential veto threat if passed by both chambers of Congress. The House is expected to take up the measure, presumably culminating with “tax day” on April 15.
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