The U.S. House of Representatives on Thursday ignored a White House veto threat and passed legislation to repeal the estate tax that hits inherited assets worth $5.4 million or more.
By a mostly partisan 240-179 vote, the Republican-backed bill will be sent to the Senate, where Democrats are expected to use procedural hurdles to try to block it. Even if it passes the Senate, it would likely fail to achieve a two-thirds majority needed to override a veto.
House passage was timed for the week when most Americans file their tax returns. Conservatives, who refer to the estate tax as the “death tax,” have long railed against it, arguing it hurts the families of small business owners and farmers.
“It’s past time to repeal this unacceptable tax. Every American deserves the ability to pass their life’s savings to their kids,” said Representative Tom Graves, a conservative Republican from Georgia.
Repealing the tax would boost the federal deficit by about $269 billion over 10 years, according to Congress’ Joint Committee on Taxation.
Few Americans pay the 40 percent tax on assets above the $5.4 million exclusion amount. About 5,400 estates, equal to 0.2 percent of taxpayers, will owe such taxes in 2015, according to the JCT.
(Reporting By Richard Cowan and David Lawder; Editing by Dan Grebler)
Maddow destroys ‘bad faith’ complaints about impeachment from Republican Trump supporters
The host of "The Rachel Maddow Show" on Friday blasted "bad faith" arguments from Republicans about the impeachment inquiry into President Donald Trump.
Maddow recounted the process complaints by Republicans -- each of which has disappeared.
"After going through all of that, they now have unveiled a new objection as to why President Trump cannot actually be subject to this impeachment proceeding, a new noble stand they're taking for fairness and the American way -- they have rolled it out with our friends at the Fox News channel," Maddow said.
She played a clip of former GOP Speaker Newt Gingrich on Fox News.
Everyone is baffled by Trump’s rambling rant about flushing toilets ’10 times, 15 times’
Another day, another truly baffling series of words coming from President Donald Trump’s mouth.
Speaking at a White House meeting on Friday about small business and regulation, Trump went on one of his trademark riffs, touching on a number of subjects with the clarity of a muddy puddle. He seemed to be referring to a series of complaints that have been raised over the years about various consumer product regulations (a favorite topic of Republican Sen. Rand Paul of Kentucky) but without making a coherent point about any of them.
Read the whole stream of consciousness rant to get a sense of what it was like:
Adam Schiff pushes Pence to declassify aide’s secret information — implying it might be embarrassing or illegal
House Intelligence Committee Chair Adam Schiff (D-CA) sent a letter on Friday to Vice President Mike Pence urging him to declassify the entirety of his Sept. 18 call with President Volodymyr Zelensky for use in the impeachment inquiry.
Though the vice president’s office, along with the rest of the administration, has stonewalled the impeachment inquiry’s requests for documents, Schiff’s committee obtained information about the Sept. 18 call through Jennifer Williams, a Pence aide who has already testified. Initially, Schiff explained, Williams testified about Pence’s call and did not assert that any part of it was classified. When she testified publicly, however, she said Pence’s office had since determined that the call was classified. She later sent the committee a “supplemental submission” after reviewing “materials” that refreshed her memory about the call — and it’s that supplemental submission that Schiff would like to see declassified.