Estate Tax Repeal Vote Down Again (3rd time the charm?)
Category: Estate and Inheritance Tax
Last night the US Senate voted against the minimum wage hike, estate tax reform, other tax breaks bill recently passed by the House in an effort to push through estate tax repeal for the third time in the past few months.
"Senate Republicans bet on luring Democrats into voting for a reduction of the estate tax by combining it with an increase in the minimum wage and popular tax breaks. Last night they lost.
The Senate fell four votes short of the 60 needed to move forward on what Majority Leader Bill Frist called the ``trifecta'' legislation.
``The bottom line is that we bet on the wrong horses,'' said Finance Committee Chairman Charles Grassley, an Iowa Republican. ``Maybe we should've taken a bet that was more likely to pay off.''
The Senate, just before recessing for the rest of August, did approve 93-5 a measure to overhaul the U.S. private pension system that now heads to President George W. Bush's desk. Left behind are the pieces of the trifecta legislation. "
More coverage from The Washington Post - Senate Rejects Estate, Minimum Wage Bill