HOUSE FAILS TO OVERRIDE PRESIDENTIAL VETO.

• Position: Death Tax Elimination Act - Brief Article

Last month, the U.S. House of Representatives failed to override President Clinton's veto of the Death Tax Elimination Act, which called for estate tax repeal. The attempt fell 14 votes short of the necessary two-thirds majority. Only one Republican opposed the bill, while 53 Democrats joined 220 Republicans in their efforts.

"I'm pleased that the House decided not to override the veto," says estate planning attorney Keith Schiller, of Walnut Creek-based Schofield and Schiller. "The proposal which included the elimination of estate tax and step-up in basis (with a modest allowance exception) was irresponsible legislation for a vast majority of Americans--in particular California residents who have enjoyed tremendous untaxed appreciation and growth in their asset value."

Estate tax is an...