What: All Issues : Fair Taxation : Tax Breaks for the Rich : H.R. 8. Estate Tax Repeal/Vote to Allow Consideration of a Bill to Repeal the Estate Tax Which Targets Wealthy Taxpayers and Comprises an Important Source of Government Revenue. (2003 house Roll Call 284)
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H.R. 8. Estate Tax Repeal/Vote to Allow Consideration of a Bill to Repeal the Estate Tax Which Targets Wealthy Taxpayers and Comprises an Important Source of Government Revenue.
house Roll Call 284     Jun 18, 2003
Progressive Position:
Nay
Progressive Result:
Loss

When parents die and bequeath their estate to their children, that estate is subject to an inheritance tax known as the estate tax. In the $1.35 trillion tax cut package enacted in 2001, provisions were included to phase-out the estate tax by 2010. Those provisions, however, would be nullified in 2011 and the estate tax would be restored to its pre-2001 level. For the fourth time in fifteen months, GOP leaders introduced legislation that would make the estate tax elimination permanent (the estate tax repeal has, to date, been unable to pass the Senate). Progressives opposed the estate tax repeal because that tax-which only applies to estates valued at over $3 million-would provide a windfall of benefits to the wealthy; low and middle income earners, Progressives argued, would receive no benefit from the estate tax repeal because those taxpayers are unlike to own multi-million dollar estates. The estate tax, Progressives argued, is necessary to insure that wealth and power do not become concentrated in the hands of a relatively small group of individuals. Moreover, Progressives argued that the estate tax repeal would deprive the federal budget of funding that could be used for human needs such as education, health care, and environmental protection. The subject of this vote was a motion to move the previous questiona procedural motion that, if successful, ends debate and the possibility of amendment-on a bill to permanently eliminate the estate tax. Progressives opposed the procedural motion based on their opposition to the underlying legislation. The motion was adopted on a straight party-line vote of 227-200.

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