House votes to extend estate tax cuts

August 2, 2012
Filed under News

The U.S. House of Representatives voted in favor of a one-year extension of the current tax code, including the current estate tax, maintaining the 35-percent maximum tax rate for estates worth more than $5 million per individual.

Voted on as part of the H.R. 8, Job Protection and Recession Prevention Act of 2012, the U.S. House voted 256 to 171, in what was a largely partisan vote with only one Republican voting against the bill.

If allowed to expire, the estate tax exemption level would return to $1 million with a max tax rate of 55 percent.

The bill will now move to the Democrat-led U.S. Senate, where it is presumed it will not have enough votes to pass.

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