What: All Issues : Fair Taxation : HR 8. Estate Tax/Vote on Compromise Measure to Retain, At a Reduced Rate, the Estate Tax for Wealthy Taxpayers. (2002 senate Roll Call 150)
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HR 8. Estate Tax/Vote on Compromise Measure to Retain, At a Reduced Rate, the Estate Tax for Wealthy Taxpayers.
senate Roll Call 150     Jun 12, 2002
Progressive Position:
Yea
Progressive Result:
Loss

Republicans were determined to eliminate the estate tax entirely, which had been temporarily repealed as part of the Bush administration's $1.35 trillion tax cut in 2001. The estate tax originally taxed any inheritance larger than $675,000, though the 2001 tax cut bill had set for that level to be raised over time as a way of phasing out the tax. Democrats proposed two significant amendments that weakened the Republican proposal for total repeal. The one at issue here raised the exemption level to $3 million from 2003 to 2008, and to $3.5 million in 2009 and beyond. It also fixed the maximum rate at 50 percent for any estate worth less than $10 million. But it specifically eliminated the phase-out of the tax, and this element of it gained the support of Progressives. However, because the amendment changed the revenue totals called for by Congress in that year's Budget Resolution, a point of order against the amendment was allowed. Gramm (R-TX), who wanted nothing less than total repeal of the tax, brought this point of order. Supporters of the amendment could not muster the 60 votes necessary to waive the point of order, 38-60, and the amendment fell.

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