Call Your Senators: Estate Tax Vote This Thursday

A vote on the estate tax is expected for this Thursday. Republicans do not have enough votes to invoke cloture on legislation to repeal the estate tax, a point which was reiterated by Sen. Charles Grassley (R-IA) yesterday. Also, it was reported that a Senate GOP leadership aide said Monday if Democrats defeat cloture on a motion, Frist will not bring up a compromise bill. If Democrats allow debate then a compromise may be considered. It is vitally important that all Democrats vote against cloture to preserve the estate tax as it is. The compromises being offered by Sens. Kyl and Baucus do not retain nearly enough revenue to be sufficient. Call your Senators TODAY! Call toll-free 800-459-1887 and tell them to vote against cloture and against irresponsible reform plans, which in reality amount to little more than back-door repeal. Speaking of estate tax reform plans, Sen. Olympia Snowe has jumped on the bandwagon and apparently has a reform plan of her own. Her counter proposal would exempt more estates than either of the other proposals, setting the threshold at $7 million ($14 million for a married couple). Her plan would tax estates at three different rates; estates between $7 million and $10 million would be taxed at 15 percent, those from $10 to $15 million would be taxed at 25 percent, and those above $15 million at 28 percent. Snowe's plan imposes lower tax rates than the Baucus plan, meaning it would retain less than 50 percent of estate tax revenue.
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