Senate Rejects Effort to Cut Estate Tax

[im10ashus]

WASHINGTON (AP) -- Senators voted Thursday to reject a Republican effort to shrink taxes on inherited estates during this election year.

GOP leaders had pushed senators to end the tax once and for all. It disappears in 2010, under President Bush's first tax cut, but rears up again a year later.

''This death tax is unfair,'' said Senate Majority Leader Bill Frist, R-Tenn.

A 57-41 vote fell three votes short of advancing the bill.

Knowing they lacked the votes to eliminate the tax, a small group of senators had hoped to keep the issue alive with an agreement to lift the tax from smaller estates and lessen the hit on larger ones.

cont'd...

http://www.nytimes.com/aponline/us/AP-Estate-Tax.html?hp&ex=1149825600&en=2c18e9e839a6dec1&ei=5094&partner=homepage

[malaise]

1. Great news.

This is important.

[im10ashus]

2. Indeed.

Only one part worried me:

Frist would still like to deliver a bill to the president reducing the estate tax this summer, before a midterm election where control of Congress is at stake.

Sen. Trent Lott, R-Miss., said he expected the estate tax to find its way into an unrelated bill headed for the president's desk sometime this year.

They will piggy-back this on some defense bill or something. Just watch.

[malaise]

3. I'm kicking this

it is way more important than the latest breaking news.
Any attempt to bring this back before the elections will backfire. Dems will use it to show all benefits going to special interests.

Edit add.

[im10ashus]

4. I'd like to get the roll call.

See who voted and how.

[malaise]

14. Any roll call yet? n/t

[987654321]

5. Finally a little common sense.

I'm sure they'll try to pass a more moderate version of the bill. However, I still have to thank those in the Senate who, if even for a moment, had enough common sense to shoot this one down.

[im10ashus]

9. The vote record should be posted soon. eom

[kentuck]

6. But what type of representative democracy do we have when...

...57% of our Senators vote for such a bill? Does that not show how far we need to progress to be a government for the people?

[MH1]

10. I live in SE PA. Whatever "democracy" we have, it isn't

"representative" of me. (Specter, Santorum, Weldon.) Sigh.

[m_welby]

7. good to see that linc chafee (my senator) voted no

good man to break with the party (yet again) on this. There was heavy advertising from the enterprise institute on local tv asking people to harrass linc into voting for the bill.

I (of course) emailed him and let him know I supported his stand and not to let the wealthy special interest from out of state influence him.

1.17 percent of americans were impacted by this in 2002 and it's a major initiative by 'fristy'. typical.

[im10ashus]

8. He actually listened to his constituents?

That's wonderful!!!

:-)

[malaise]

16. Here you go

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=364x1383437

[survivor999]

11. Glad to see this...

Dinasties are bad news... It should all go back to a big public fund after the death of the owners... At most, precedence should be given to relatives, if they want to actually BUY the eastate at market price...

[smb]

12. Timing Is Everything

It disappears in 2010, under President Bush's first tax cut, but rears up again a year later.

Sounds like the late 2010 is going to be busy season for police and detective agencies....

[iconoclastNYC]

13. A rare victory for the middle class!

[Kurovski]

15. K&R.

Now, THIS is good news.

[central scrutinizer]

17. Why do they hate Paris Hilton so much?

How the fuck do they expect her to survive on a mere nine figure inheritance? Those heartless bastards.

[LSK]

18. roll call here:

http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=109&session=2&vote=00164

[IronLionZion]

19. There is no "death tax"

And the average american doesn't have to pay much for the estate tax. What they were trying to do was cut taxes for the usual old-money rich bastards that control everything anyway.