Senate Sinks Bill to Permanently Repeal Estate Tax
Just a week after the House voted to make permanent a repeal of the estate tax, the measure was dealt a fatal blow in the Senate. A 54-44 procedural vote June 12 on permanent repeal was six votes short of the 60 needed, dooming the measure. Two Democratic alternatives also were defeated.
Last year Congress passed a $1.35-billion tax-cut package that phases out the estate levy by 2010. But under that law, the tax will revert to its 2001 level in 2011.