- Article
- Comments ()
Senate Democrats yesterday filibustered yet another attempt to eliminate the so-called "death tax," which Republicans say unfairly taxes already-taxed money and is crippling family farms and small businesses.
"We charge people income tax when they earn income. With what is left, they make investments, and then as those investments pay dividends or pay income, we tax that. Then we say, 'When you die, we want half of that asset,' " Sen. Johnny Isakson, Georgia Republican, said yesterday.
"It is wrong. It is wrong for individuals, it is wrong for family farmers, it is wrong for landowners, and it is wrong for America."
Republicans fell three votes shy yesterday of the 60 needed to break the filibuster.
In the 57-41 vote, two Republicans -- George V. Voinovich of Ohio and Lincoln Chafee of Rhode Island -- joined Democrats in the filibusters. Four Democrats -- Max Baucus of Montana, Blanche Lincoln of Arkansas, Ben Nelson of Nebraska and Bill Nelson of Florida -- joined Republicans in the effort to break the filibuster.
Current law exempts the first $2 million of an individual's estate and $4 million of a married couple's. Any amount over that is taxed at 46 percent.
The conservative group Free Enterprise Fund quickly issued a press release naming Sen. Mark Pryor, Arkansas Democrat, "Pryor the Liar" for participating in the filibuster. The group attached a policy statement from Mr. Pryor's Web site in which he says, "I support the permanent repeal of an estate tax that harms small businesses and family farms."
Sen. Edward M. Kennedy, Massachusetts Democrat, defended the tax as necessary to keep up with government spending.
"The audacity of the Bush administration and their congressional allies truly knows no limit," he said. "In spite of all of the urgent problems facing our nation -- from the ongoing war in Iraq, to the devastating hurricane damage along the Gulf Coast that has not yet been repaired, to the outrageously high gasoline prices that are squeezing American families -- the top Republican priority is eliminating the estate tax."
Although they were disappointed by yesterday's vote, Senate Republicans immediately turned their efforts to a compromise that would raise the value of property that is taxed at death and lower the tax rate.




Post a comment
There are comments on this article, submit your opinion!
If you feel there is still something worth mentioning about this entry please contact the author or the site admin.