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Wednesday, June 08, 2005
Senators Discuss Estate Tax Options
Senator Jon Kyl (R-AZ) -- the Senate's point man on estate tax repeal -- told reporters yesterday the estate tax issue will come up on the Senate floor by the end of July, and "maybe... sooner than that." While Senate Republicans do not have the 60 Senate votes necessary to repeal the estate tax, they may have enough votes to pass reform legislation that could be just as harmful. One example of a reform being discussed is increasing the estate tax exemption level significantly, and lowering the tax rate to 15 percent. A reform such as this would cut revenue from the tax significantly, adding to the national deficit.
Notably, Kyl mentioned if he is unable to broker a deal with Democrats, it is possible that estate tax legislation could be added as an amendment to another measure. One Senate aide noted that the energy bill could possibly be used as a vehicle to move estate tax legislation.
Posted by Becky Lewis
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