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Estate tax bill
moves to Clinton
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Release Date:
08/24/00
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Congress is sending
legislation that would repeal the estate tax to
President Clinton Thursday, according to the
AP.
The legislation would gradually phase
out the death tax over 10 years at a cost of
$105 billion, and passed the House and Senate
earlier this summer. Republican leaders opted to
wait for the most opportune time to send the
bill to Clinton, who has said he will veto the
legislation. The GOP is hoping for a September
veto override in Congress.
A veto is a
win for big government, high taxes and more
stalemate, said Rep. Bill Archer, R-Texas,
chairman of the House Ways and Means Committee,
outlining the difficult spot in which Democrats
could find themselves. A signature is a win for
families, small business owners and farmers who
are haunted by this unfair tax.
A Montana
farmer will deliver the bill to the White House
by tractor. House Speaker Dennis Hastert,
R-Ill., also planned an event at a farmer's
market in Columbia, S.C., to highlight the
effect estate taxes have on farmers, small
businesses and high-tech
entrepreneurs.
Under the Constitution,
Clinton will have until just after Labor Day to
signor veto the bill, meaning GOP leaders could
hold the override vote the first week or two
after Congress returns from its summer
recess.
Clinton vetoed the marriage
penalty tax last month, a bill that would have
eliminated the income tax penalty paid by
millions of married couples. The White House
insists he will do the same with the death
tax.
The more people learn about the
dangerous exploding nature of this tax plan, the
less they like it, said White House spokesman
Jake Siewert. We think you could do more
targeted estate tax relief that takes care of
the small businesses and family
farms.
Republicans say they will attempt
a veto override in Congress on the estate tax
bill. Sixty-five Democrats joined all
Republicans in the House vote to pass the estate
tax repeal bill in June, exceeding the
two-thirds threshold necessary to override a
veto. But House Democrats say a combination of
absentees and a handful of switched votes will
give them the margin to sustain the veto.
"If somebody changes their vote on death
tax repeal, it would be a huge show of
inconsistency," said Rep. Jennifer Dunn, R-Wash.
"It should be used by an opponent in that race."
8.24.00
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