Washington (June 13, 2002) -- The Senate has decided to debate a bill on whether to permanently phase out the estate tax, a measured already passed in the House.
Senate Majority Leader Thomas A. Daschle, D-S.D., agreed to take up the measure as part of an agreement made with Republicans during the debate over the Senate energy bill, but it is not expected to easily pass muster.
The estate tax is slated to be gradually phased out over 10 years under President Bush’s $1.3 trillion tax cut legislation that was passed last year. But the entire tax cut plan expires at the end of 2010 and the estate tax would be reinstated unless Congress passes a law to make the phase-out permanent.
The House approved the Permanent Death Tax Repeal Bill of 2001 last week by a vote of 256-171.
-- Electronic Accountant Newswire staff
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