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Friday, March 14, 2008
Vota-Round-Up, I: State of the Estate Tax
Six votes on the estate tax were held during yesterday's budget resolution vote-a-rama in the Senate, as follows:
- Baucus amendment 4160: makes 2009 estate tax law permanent -- exemption $7 million per couple; rate 45%. Paid for via a reserve fund from projected surpluses Approved, 99-1.
- Graham amendment 4170: exemption per couple $15 million; 35% rate. Rejected, 47-52.
- Kyl amendment 4191: exemption $10 million per couple; rate starts at 15%, top rate 35%. No offsets. Rejected, 50-50.
- Kyl amendment 4372: protects small businesses, family ranches and farms by providing a $5 million exemption, a low rate for smaller estates and a maximum rate no higher than 35%. Rejected 48-50.
- Salazar amendment 4196: exemption 10 million per couple; rate 35% -- paid for via a reserve fund from projected surpluses. Rejected 38-62.
- Landrieu amendment 4378: $10 million per-couple exemption and a 35 percent rate, with a small surcharge for large estates and several special tax breaks for small businesses and family farms. Rejected 23-77.
Posted by Dana Chasin
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