WASHINGTON (AP) — A divided House panel has passed a bill that would repeal the federal estate tax.
Republicans say abolishing the tax would help farmers and small-business owners keep their businesses in the family. Democrats say it would help only the very wealthy.
The House Ways and Means Committee voted 22-10 Wednesday to pass the bill, sending it to the full House.
Few estates pay the 40 percent tax because there are large exemptions. For individuals, estates as large as $5.4 million are exempt. Married couples can exempt up to $10.9 million.