U.S. House to consider estate tax compromise (GOP to rush vote)

[UpInArms]

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-06-20T212212Z_01_N20116718_RTRIDST_0_CONGRESS-TAXES.XML

WASHINGTON, June 20 (Reuters) - After failing to repeal estate taxes, congressional Republicans unveiled a sweetened compromise on Thursday on the key component of President George W. Bush's economic program, which they plan to rush to a vote in the U.S. House of Representatives.

It was not clear if the proposal, which would exempt all but the wealthiest estates from taxes, would pass the Senate. But the bill's sponsor, House Ways and Means Committee Chairman Bill Thomas, a California Republican, said he believes it can.

The bill would allow individuals to leave up to $5 million and couples up to $10 million without taxes being paid on the estate. Estates valued between $5 million and $25 million would be taxed at the capital gains rate, now 15 percent. Those over $25 million would be taxed at twice the capital gains rate.


Permanent repeal of estate taxes, which Republicans prefer to call the "death tax," is a key part of Bush's economic platform and strongly supported by business and farm groups. Bush's 2001 tax cut plan included a temporary repeal.

Some Democrats support permanent repeal or some reduction in the tax, but opponents say it would widen the gap between rich and poor and give more money to the wealthiest while sapping revenue at a time of war and mounting national debt.

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[Erika]

1. So what programs to the needy does W wish to cut

to give tax cuts to the Paris Hiltons?

[givemebackmycountry]

2. Right on schedule...

Look.
They only have eight years.
There is only so much time to steal and lie and empty the treasury.

Thieves, liars, whores, scoundrels... all of them.

[Skink]

3. They don't even need Delay.

although I'm sure he still get's a cut.

[Sadie5]

4. Bush will never stop

pushing this bill in order to protect his own pot of gold. What with Poppy and Babs nearly ready to kick the bucket he stands to lose big if he is taxed on his inheritance.

[rodeodance]

5. and they took the minimum wage vote OFF their SCHEDULE!!

[Joe Bacon]

6. How much more red ink are these morons gonna spill?

Sooner or later China or Japan are gonna pop the red ink balloon and stop financing the Nazi Republican Party. It's only a matter of time before this becomes completely unsustainable. Will that be the time the masses wake up from their rapture delusions?

[depakid]

7. "Some Democrats support"

Any Dem who crosses over and legitimizes this travesty need to be dealt with by the party leaderhip.

Until that happens, I'll certainly NOT be donating to the DSCC or any other entity that passes along funding to far right enabklers.

[Robbien]

8. The GOP has added a timber tax cut to the estate tax bill

Five Dems really want the timber cut, so they need to be watched.

Senators Patty Murray and Maria Cantwell, and Mark Pryor, Blanche Lincoln and Mary L. Landrieu

[papau]

9. 09's 3.5/7.0 at current 45% tax rate gets it down to about 100 families

at a revenue loss that is bad but not massive.

The 15% should be a deal killer unless $1 trillionin revenue loss over 10 years added to the birth tax of the deficit is not a problem.