Recently, the House approved legislation to repeal the 40% federal tax on estates. H.R. 1105, introduced by Rep. Kevin Brady (R-TX) passed the GOP controlled chamber by a vote of 240-179.In the Senate, Sen. Jon Thune (R-S.D.) is sponsoring a companion bill, as well as a successful amendment to the Senate’s 2016 budget. Although the legislative branch approves of repealing the tax, President Obama has indicated he is likely to veto such legislation, citing a $269 billion dollar increase to the budget deficit.