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Senate repeals estate tax
Senate repeals estate tax
On July 14, the
Senate voted in favor of the Death Tax Elimination Act by a vote of
59-39. The House of Representatives passed the act in June.
With presidential approval, the bill would phase out the
death (estate, gift and generation-skipping) tax over a 10-year
period. However, President Clinton has vowed to veto the bill. To
override the veto, two-thirds of the Senate must to vote in favor of
the bill.
Date:
7/21/00
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