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Wealthiest Win as U.S. House Panel Advances Estate-Tax Repeal

The 99-year-old U.S. estate tax would disappear under a bill approved Wednesday by the House Ways and Means Committee.

The legislation, backed on a 22-10 party-line vote, would benefit about 5,500 families who pay the tax each year plus thousands of others who organize their finances to avoid the 40 percent tax on estates upon death. It would deprive the U.S. government of $269 billion in revenue over a decade.