Monday, June 19, 2006

New Life for Estate Tax "Reform"?

Category: Estate and Inheritance Tax

Ah, politics and pork. One of my least favorite things about the political process is the institutionalized blackmail of slipping a legislative item that has nothing to do with a package of legislation into said package, and saying "I vote 'yes' if you keep my item, or 'no' if you don't". This is how the pork gets into the package.

In keeping with this fine tradition, and other sources have indicated that the Republicans who lost the estate tax repeal vote earlier this month may try it again by putting the repeal legislation in a pending pension reform package.

Estate Tax Changes May Be Slipped Into Pension Legislation - Elder Law Answers Articles: "Republican lawmakers, who so far have been unable to win Senate approval of either full estate tax repeal or a significant reduction in the tax that wealthy heirs pay, are now considering another tactic: slipping estate tax 'reform' into a pension bill now in a House-Senate conference committee.

The pension legislation, H.R. 2830, which seeks to put the nation's defined benefit pension plans on a sounder footing, is being finalized by a conference committee reconciling different House and Senate versions.

The 'primary advocate' for attaching estate tax reform to the pension bill, according to the National Underwriter, an insurance industry publication, is Sen. Trent Lott (R-MS). Lott said he doubts that a deal on reducing the estate tax can emerge in the Senate, and so is viewing the pension bill conference report as an alternative vehicle."

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