House sends estate tax repeal to the senate
Supporters of permanently repealing federal estate taxes hope the newly enlarged Republican majority in the Senate will be the difference this time around. For the fourth time, the House has passed a bill that would abolish the estate tax, but they've all died in the Senate.
The House yesterday voted 272-to-162 to prevent the estate tax from reappearing after its planned one-year disappearance in 2010. Republicans say the tax forces the liquidation of family farms and businesses so survivors can pay the taxes. Democrats say 99 percent of all Americans aren't subject to estate taxes.
They also argued the elimination of the estate tax would boost the federal deficit by roughly 290 billion dollars over ten years. President Bush calls elimination of the estate tax "a matter of basic fairness."