This week, by an overwhelming majority, House Republicans voted to repeal the estate tax. The Hill reports that “killing off the estate tax would increase the deficit by $269 billion over a decade.” It’s not clear whether the bill will make it through the Senate. According to The Hill, 54 senators went on record supporting it earlier this year.
The bill is a long-time priority of the Republican party. The campaign to end the so-called “death tax” was started by a group of wealthy Republicans in the 1990s. In this 2003 clip from NOW, Bill talks with millionaires William Gates, Sr., and Chuck Close about the history of the movement to repeal the death tax and their opinion that it is a fair tax that should remain in place. (Original Airdate: January 17, 2003)