The Senate fell three votes short of the 60 needed to end debate and move to consider a Republican proposal that would eliminate the estate tax. Lawmakers continue to negotiate behind the scenes to try to find a compromise that would reduce the levy significantly, which will vanish in 2010 but spring back in 2011.
According to this WashingtonPost article a member of the Senate is quoted as saying, "The 'death tax' is an unfair burden inflicted upon America's small businesses, farmers, and families during a time of grieving and pain," said Senate Majority Leader Bill Frist (R-Tenn.), a leading proponent of repeal. "This won't be the last time this year the Senate votes on this important issue."
Other members of the Senate are worried about the rising deficit and coddling the wealthy few with this repeal. It is estimated that it will cost the government $71.6 billion a year by 2015. The Treasury Department estimated the revenue loss at $65.8 billion that year.
Read the full WashingtonPost article here.
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» The "Small Rich" Have Caught a Break from BusinessKnowMoreMedia
Last weeks denial by the Senate of a permanenet repeal of the estate tax has meant tens of thousands of moderately well-off households have been given a break. According to a study cited by Newsweek Congress's nonpartisan Joint Committe... [Read More]
Tracked on: June 13, 2006 6:07 PM | Permalink to Trackback