[Retiring Ways and Means Chairman] Thomas suggested that any efforts to move estate tax reform this year have finally been put to bed, telling reporters that the rush to wrap up work this year will likely prevent any further debate on the estate tax.Wasn't it Senator Frist who proclaimed last August that the Senate would never consider the extenders apart from estate tax reform? Yes, it was.
Without completely dismissing the possibility of his chamber once again taking up the trifecta bill this year, Senate Majority Leader William H. Frist, R-Tenn., told reporters earlier in the day it is "most likely" that Congress will act only on the tax extenders during the lame-duck session.
Tuesday, November 14, 2006
Hopes for resolution on estate taxes dim
As the lame duck session gets underway, attention has turned to the expired "tax extenders" legislation (including the R&D tax credit and the itemized deduction of state sales taxes). That legislation is presently included in the "trifecta bill" with a number of changes to the estate tax and an increase in the minimum wage. Action isn't expected before December. Though the trifecta bill may not be dead, it's on life support. According to Tax Analysts ($):
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3 comments:
My earlier comment about the games played with the extenders was pretty much on the mark. I'm sure the Democrats are properly grateful that Frist alienated so many Republican and Independent taxpayer/voters.
Hard to believe that Frist might yet entertain aspirations to be President. Two words that don't go togeher are "leadership" and "Frist."
Then again, it's hard to believe that Jimmy Carter actually was the President, a long time ago, in a galaxy far, far away.
You are as perspicacious as ever, Jim. Do you expect the Democrats to embrace estate tax reform in the coming year, or is that just hopeful thinking?
Congress should feel obliged to do something about estate taxes in the nest year or two.
Will this "something" be as sensible as the plan whose passage the Republicans bungled this year? I sure wouldn't bet on it.
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