"There's no agreement on the estate tax on either the substance or process. None whatsoever," Baucus told reporters.
Wednesday, May 19, 2010
Stalled
Senator Jon Kyl thought he had a deal for an inflation-indexed $5 million estate tax exemption and a 35% tax rate. After he made the announcement, the Democratic caucus fought back. Here's today's news, reported by Tax Notes, from Finance Committee Chairman Baucus:
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The Hill's On the Money blog suggests there may be enough votes to enact a new estate tax, but they're not the politically correct votes:
"After talks with Senate Finance Chairman Max Baucus (D-Mont.) and Senate Minority Leader Mitch McConnell (R-Ky.), they scrapped a plan to move forward with the tax that expired at the end of 2009.
"The reasoning, [Senator] Kyl said, is that Senate Democrats aren't allowing any legislation to reach the floor that doesn't have support from the majority of its members. "
Thank goodness. If Congress ever returned to enacting bipartisan legislation, who knows what could happen!
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