Posted on 04/14/2005 9:05:07 AM PDT by WL-law
The House voted 272 to 162 yesterday to permanently repeal the estate tax, throwing the issue to the Senate where negotiations have begun on a deep and permanent estate tax cut that can pass this year, even if it falls short of full repeal.
...
The real fight will come in the Senate, where repeal supporters still appear just short of the 60-vote majority needed to break a promised Democratic filibuster. The Republican leadership, backed by Senate Finance Committee Chairman Charles E. Grassley (R-Iowa), has authorized Sen. Jon Kyl (R-Ariz.) to strike a deal that will win 60 votes.
"He's got wide latitude to see what he can get," said Mitch McConnell (R-Ky.), the Senate majority whip.
For the Democrats, Sen. Charles E. Schumer (N.Y.) is leading negotiations, which have raised the prospect that the long-standing stalemate on the estate tax could be broken this year.
...
Grassley has thrown his weight behind that effort. "We need certainty," said a Republican Finance Committee aide. "We cannot continue on with this course."
In deference to both those positions, the Republican starting position would set the value of an estate excluded from taxation at $10 million, with a 15 percent tax rate for estates larger than that. The value of estates sold by their heirs would be calculated based on their worth at the time of their owner's death, rather than current law, which sets the gain in value of an estate at the cost of the estate's assets when they were first purchased.
"If the United States Senate came up with $10 million-per-person exemption and a 15 percent rate similar to capital gains, almost everybody in the small-biz community would be thrilled with that," said David K. Rehr, president of the National Beer Wholesalers Association. ....
Sen. Frist needs to get his a*s in gear.
Yay for the heirs of Paris Hilton!
The issue I'm trying to highlight isn't on the merits of the bill -- it's the suggestion that "60 votes" is the new requirement to form a majority, now on legislative matters as well as judicial appointments.
This filibuster is a bluff to get dem crap passed. They should hold their feet to the fire. Threaten to film them and run commercials showing the filibustering and the dems will cave in. This removes the threat, the 60 vote barrier, and gets our legislation passed quickly. I'm not sure what the senate republicans are lacking more; cajones, logic, or brains.
I'd prefer a 90% rule for passage of new law. 60% for changes to existing law. And a 50% for repealing an existing law. All of our Nations laws that actually do something meaningful, and Constitutional, could probably fit within one volume. So why does our legal code take up YARDS worth of shelf space?
We are currently worrying about my wife's parents 20 acre hobby farm. If they die, we'll have to sell it as there is no way for us to pay the Death Tax value on the property.
Thanks for nothing though...
Speaking of Republicans, I have sent emails to both my U.S. Senators, Dole and Burr, about health care costs that affect millions of citizens between 45 and 65 that are being ignored. My emails have also been ignored. These two North Carolina Senators will not get my vote next time around. They didn't even bother with a "Form" letter response.
Expect the Senate to do what is does so well - cave to the Dems.
This ain't gonna happen. The 'Pubbies are willing to squander the mandate we gave them in Nov. and the majorities in both Houses of Congress in order to avoid growing spines and conducting the will of the people.
IMO, I think we will see significant reduction in 'Pubbie representation after '06 because there is NO perceptual difference between the two parties except that the Dems will accomplish things and the 'Pubbies will sit around on their majorities and whine. I'm definitely losing my patience with these people!!
At $100+ million she has a lot to piss away. I'm betting my great-grandkids will be reading about her grandkids in the social pages 50 yrs from now.
[I'm not sure what the senate republicans are lacking more; cajones, logic, or brains.]
Cojones, without a contest.
They are all far more concerned with getting invited to the next high-brow cocktail party than they are with serving the people who put them in office.
I'm starting to agree. The Senate Republicans are worse then useless.
Someone should send links to this thread to all the Republicans in the Senate.
Don't forget principles. I highly doubt these clowns ever believed in these issues in the first place, hence the reason they appear so incompetent at defending them.
I believe the estate tax is socialism/communism at its finest. Since its purpose is to break apart family fortunes, And since Warren Buffetn and Bill Gates want to keep it. I would favor changing the law so that the estate tax is Voluntary and any socialist who gives the government 50% of his estate shoud get their name published in the New York Times. This should satisfy Gates and Buffet.
As far as using the sentate rule to block legislation, it clearly is wrong and can be shown as such simply by moving the number. How about allowing one senator to block any legislation? Thats wrong? OK so how did the number 40 get selected? I think it should be 51.
You think they care? As countless posters here will sneer, "What are you going to do - vote Democrat?"
People like the Hilton's don't pay it. Their lawyers see to that. It's the farmers and small business owners who are hit, along with a lot of other people who have accumulated sizable but relatively modest estates.
Now, it is anything over 600,000. Anyone who has a nice home and some IRA accounts can accumulate that much.
I will vote for a 3rd party conservative from now on. I see no future in the Republican Party, especially in North Carolina. I have a much lower opinion of the Democrats, however.
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