House of Representatives Voted to Repeal the Federal Estate Tax

House of Representatives voted 240-179 to repeal the federal estate tax.  The estate tax applies to property all property transferred from a deceased person to his or her heirs.  The tax applies to estates worth more than about $5.4 million ($10.9 million for married couples.)  The top estate tax rate is 40 percent, though experts find that the average tax paid is less than 17 percent.  President Obama’s threatens to veto the bill.