Estate Tax Reform Dies in the Senate

The Senate voted against permanent repeal of the estate tax. The tax is a levy on estates worth over $2 million, and the tax is assessed and paid after the taxpayer dies and leaves the estate to heirs. The Internal Revenue Service explains the basics of the estate tax quite well.

Legislative Information:

• H.R. 8, To make the repeal of the estate tax permanent (from the Library of Congress)
• Senate Voting Record on H.R. 8 (from the US Senate web site)

News Reports:

• Senate Rejects Effort to Cut Estate Tax (New York Times)
• Senate Derails Repeal of Estate Tax (Associated Press via Houston Chronicle)
• Senate blocks chances for estate tax repeal (CNN)
• Full Estate Tax Repeal Fails in Senate (Tax Analysts)

Commentary:

• Senate Rejects Repeal and Reduction of Estate Tax (US Liberals)
• Death Tax Repeal Fails, 57-41 (conservative politics blogger Hugh Hewitt)