This month’s Congressional vote to eliminate the so-called death tax has the Independent Insurance Agents of America very pleased, though they are mindful it is the first step down the long road to enactment. IIAA supports the measure because it will help solidify the future of small businesses instead of possibly forcing families to close business doors following the death of the owner. The House of Representatives voted 270-136 to approve the Death Tax Elimination Act, proposing to phase out estate and gift taxes over the next decade. Under the legislation, current estate and gift tax rates would be reduced by five percent each year until they are completely eliminated.
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