Estate Taxes will Remain

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The Senate blocked a vote to repeal the Estate Tax provision of the IRS code. For the very wealthy, this means a portion of their estate to be inherited by their beneficiaries, will continue to be taxed. Rates will be lower, and the exemptions raised, so only the wealthiest of the wealthy will incur the taxes. Voting for repeal were 53 Republicans and 4 Democrats. Voting to keep Estate Taxes were 38 Democrats and 2 Republicans.

By RNC and DNC standards this was a bipartisan effort. HaH! Had repeal taken place, another 1 trillion dollars would have been added to our growing national debt. On this vote, it was clearly the Democrats voting for fiscal responsibility.

If you would like to see how your Senator voted and thank or spank them, please click on the link following. Courtesy: Public Citizen.

For those mathematically gifted who recognized there were more votes for repeal than against, the explanation is that the blocking vote required a minimum of 60 votes to allow the repeal measure to come to a vote. Republicans failed to get the minimum 60 votes to bring the vote for repeal to the floor. (I know, screwy way to run things. Another reason to Vote Out Incumbents by Voting for Challengers.)

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This page contains a single entry by David R. Remer published on June 12, 2006 3:05 AM.

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