By SEMA Washington, D.C., Staff
The Ways and Means Committee of the U.S. House of Representatives passed legislation to repeal the estate tax, which impacts an estimated 5,500 families, including many small-business owners. The bill passed on a straight party-line vote and has been sent to the House floor. A companion bill has been introduced in the Senate. In 2012, congress passed a compromise bill to lower the tax rate to 40% with a $5-million-per-person exemption (tied to inflation). If unable to permanently repeal the tax, lawmakers may also be willing to increase the exemption and reduce the tax rate.