House approves Death Tax reduction

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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.

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