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Vote on Death Tax is a Victory for Justice The House vote on H.R. 8, the Death Tax Elimination Act, sponsored by Rep. Jennifer Dunn, demonstrates that the House of Representatives recognizes the burden this tax places on small businesses like cattle ranchers, according to the NCBA. The House voted 274 to 154 in favor of H.R. 8, to repeal estate and gift taxes by 2011, 58 Democrats joining the Republican majority to pass the bill. "The vote is a win for cattle ranchers and small business owners across the country,"said Jay Truitt, NCBA Executive Director for Legislative Affairs. "The estate tax forces heirs to pay up to 55 percent of an estate's value in taxes. In order to pay these taxes, many families are forced to liquidate their assets and sell the business," said Lynn Cornwell, President of NCBA. |
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