The House of Representatives has passed legislation that would permanently reduced the Death Tax.
The bill, H.R. 5638, would raise the threshold for the tax to estates valued at $5 million for individuals and $10 million for couples, according to the Automotive Aftermarket Industry Association.
Tax rates on estates valued between the threshold amount and $25 million would be set to the capital gains rate, which is 15%.
The value of estates above $25 million would be taxed at twice the capital gains rate in the year 2011, unless the current rate is extended.
The bill's next stop is the Senate.
