Estate Tax Elimination. Last year’s $1.35 trillion, 10-year tax-reduction package phases out the estate tax (a.k.a. the death tax), finally ending it in 2010. But this and other cuts in the bill are sunset after 2010, meaning that the cuts will be reversed in 2011 unless Congress makes the cuts permanent. This year, Sen. Phil Gramm (R-Texas) offered an amendment to H.R. 8 to eliminate permanently the estate tax.
Sen. Kent Conrad (D-N.D.) raised a point of order against Gramm’s amendment on the basis of Budget Act restrictions. Gramm moved to waive the Budget Act with respect to his amendment, but his motion was rejected on June 12, 2002 by a vote of 54 to 44 (Roll Call 151). A three-fifths majority vote of the total Senate is needed to waive the Budget Act. We have assigned pluses to the yeas.
