House Passes Estate-Tax Bill
June 23, 2006
The House of Representatives on Thursday passed a bill to increase the number of estates that would be exempt from taxes, reports The Washington Post.
Beginning in 2010, estates worth up to $5-million for an individual and $10-million for couples would escape taxation.
The Senate has not yet passed a similar measure, but is expected to consider legislation on the estate tax next week.
Nonprofit groups are concerned that as fewer people are subject to the estate tax, many wealthy Americans will have less incentive to bequeath large sums to charity.
