House-passed estate tax reform bill includes many principles long advocated by AICPA.

The recent estate tax bill passed by the House of Representatives incorporates many of the principles the AICPA has suggested for a number of years. The bill approved by the House, H.R. 5638, permanently reduces, but does not repeal the estate tax. H.R. 5638, approved by a vote of 269 to 156, would (1) exempt all estates worth less than $5 million per person, (2) tax estates between $5 million and $25 million at the capital gains rate, currently 15%, and (3) tax estates above $25 million at double the capital gains rate (30%). However, the bill could result in a rate as high as 40% if Congress does not extend the lower rates on capital gains and...