California Estate Planning Blog by Kevin Staker

July 22, 2010

Senate Vote to Repeal Estate Tax Fails, 39-59

Filed under: estate tax,Kevin Staker — Kevin Staker @ 5:22 pm
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Republican Senator Jim DeMint made an interesting (finally) and instructive attempt to repeal the estate tax. He introduced the proposal as an amendment to H.R. 4213, the bill to extend unemployment benefits. Majority Leader Reid finally put together the votes to get the benefits extended. (One personal comment: Let me get this straight, we are going to borrow money from the Chinese and other foreign investors so some people can get more money now but that our grandchildren must pay back later?)

Hence, I believe one thing is clear. The estate tax is coming back. This was a perfect opportunity for the Senate to repeal the estate tax and they did not. The only question now is what is the exemption and what are the rates going to be?

This author cannot easily find out who voted how but suspects was the same as on the Small Business bill the Senate is also considering. Such a vote would be all Republicans voting in favor of repeal, except for the two senators from Maine, Collins and Snowe, with one Democrat voting in favor, likely Lincoln or Nelson.

By Kevin Staker


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