Senate Rejects Effort to Cut Estate Tax

WASHINGTON -- Senators voted Thursday to reject a Republican effort to shrink taxes on inherited estates during this election year, The Associated Press reported.

A 57-41 vote fell three votes short of advancing the bill, the AP reported.

Knowing they lacked the votes to eliminate the tax, a small group of senators had hoped to keep the issue alive with an agreement to lift the tax from smaller estates and lessen the hit on larger ones, the AP reported.

Frist gave the negotiators a lift by agreeing to give such a compromise a vote. That didn't give the tax's strongest critics enough votes to maneuver the issue around Democratic opponents, however, the AP reported.

-- NYSSCPA.org News Staff

Posted on 6/8/06