U.S. Reps. Marion Berry, John Boozman and Mike Ross this afternoon voted with the majority to significantly cut the estate tax. U.S. Rep. Vic Snyder was the only Arkansas member to oppose the legislation.
In an election-year bid to lock in permanent estate tax relief, the Republican-led House of Representatives on Thursday passed a bill that would slash rates and exempt all but the richest estates from the tax.
The House voted 269-156 for a bill that would exempt estates valued up to $5 million for individuals and $10 million for couples from taxes. Estates up to $25 million subject to the tax would pay the capital gains rate, currently 15 percent and those valued over $25 million would be taxed at double the capital gains rate.
The measure now goes to the U.S. Senate where its fate is uncertain.