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GRASSLEY: ESTATE TAX REPEAL CHANCES "ZERO"

September 01, 2005

Senator Grassley says that Majority Leader Frist's bill to pass an estate tax repeal - an effort that requires 60 votes - is doomed. Tax Analysts reports on their free site today:

In a Farm Broadcasters News Conference on August 31, Grassley called the chances of achieving full repeal "zero," because it will need 60 votes to overcome any objection or filibuster. "We’re short of 60 votes," he said.

Grassley said compromise efforts are progressing, with the "boundaries" of a "nebulous" deal likely encompassing an exemption of between $4 million and $6 million and a 15 percent to 35 percent tax rate. While H.R. 8 would cost almost $300 billion according to the Joint Committee on Taxation, Grassley said lawmakers are "shooting for a compromise that would cut that in half."

So don't tear up that estate plan just yet.

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