Pharos-Tribune

Breaking news

June 8, 2006

Senate rejects estate tax cut

WASHINGTON (AP) — Senators voted Thursday to reject a Republican effort to shrink taxes on inherited estates during this election year.

GOP leaders had pushed senators to end the tax once and for all. It disappears in 2010, under President Bush’s first tax cut, but rears up again a year later.

“This death tax is unfair,” said Senate Majority Leader Bill Frist, R-Tenn.

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

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.

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 estate tax is an extremely costly tax for a wealthy few that comes at the expense of every other American born and yet to be born for decades to come,” said Senate Minority Leader Harry Reid, D-Nev.

Frist would still like to deliver a bill to the president reducing the estate tax this summer, before a midterm election where control of Congress is at stake.

Sen. Trent Lott, R-Miss., said he expected the estate tax to find its way into an unrelated bill headed for the president’s desk sometime this year.

Under current law this year, the first $2 million of a person’s estate or $4 million of a couple’s, escapes taxation. The remainder can be taxed at rates up to 46 percent.

According to the most recent statistics available from the Internal Revenue Service, 1.17 percent of people who died in 2002 left a taxable estate.

Sen. Jon Kyl, R-Ariz., had been brokering a compromise among Republicans and Democrats interested in paring down the tax and rewriting the quirky law that kills and resurrects the tax.

Text Only | Photo Reprints
Breaking news
  • Boston Marathon Bombing Anniversary [Duplicate] Tributes planned to mark Boston Marathon bombing BOSTON (AP) — The anniversary of the Boston Marathon bombings started with a solemn wreath-laying ceremony Tuesday morning at the site of the twin explosions, the first tribute in a day dedicated to honoring the three people who died, the more than 2

    April 15, 2014 1 Photo

  • Fry sentenced to 55 years, $10K fine Loren Fry, 78, was sentenced today to 55 years in prison and a $10,000 fine after being convicted of murder last month in the 2011 deadly shooting of Dave Schroder, a 76-year-old Logansport man. Three members of Schroder's extended family took the st

    April 15, 2014

  • More than 300 Indiana schools rated four stars INDIANAPOLIS (AP) — State officials say more than 300 Indiana schools have achieved top four-star honors. The Department of Education announced Tuesday that 311 schools earned made the list based on test scores from 2012-13. Indiana had 313 Four Sta

    April 15, 2014

  • IU psychology students mentor middle schoolers BLOOMINGTON (AP) — When they snapped on plastic gloves to hold a real human brain last week, Bloomington Project School students said they weren't even nervous. "It's cool to think it was an actual human being who thought and cried," said Zoe Mantha

    April 15, 2014

  • Firm nears takeover of Indiana Limestone Co. BLOOMINGTON (AP) — An investment firm is the only bidder to take over a southern Indiana company that supplied limestone to the Empire State Building, the Pentagon and other iconic buildings. A bankruptcy court auction for Indiana Limestone Co. set

    April 15, 2014

  • 3 killed in I-65 backup from chemical tanker crash ROSELAWN, Ind. (AP) — State police say three people have been killed in a crash as traffic backed up on Interstate 65 from a chemical tanker rollover in rural northwestern Indiana. Cpl. Dan Becker says those killed were in a vehicle that drove into

    April 15, 2014

  • State to plant new trees along new US 31 route KOKOMO, Ind. (AP) — The Indiana Department of Transportation has agreed to plant nearly 300 trees along the new U.S. 31 bypass in Kokomo. The trees will replace others that were removed during the construction. Kokomo Mayor Greg Goodnight says the s

    April 15, 2014

  • Delaware County treasurer faces 46 felony counts MUNCIE (AP) — An eastern Indiana county treasurer may lose his office after a prosecutor filed charges alleging the theft of $80, official misconduct and 44 counts of not properly depositing public funds on time. Delaware County Treasurer John Dorer

    April 14, 2014

  • W. Indiana man dies of burns sustained at fire pit TERRE HAUTE (AP) — A Terre Haute man has died after sustaining burns near a backyard fire pit. Assistant Chief Shawn Keen of the Terre Haute Police Department says the man died after being airlifted to an Indianapolis hospital Friday night. His name

    April 14, 2014

  • More women taking to sailing at Indianapolis club INDIANAPOLIS (AP) — Megan Brimmer isn't the typical sailboat skipper. But she sure likes calling the shots on the water. And proving her muscle. "Ready to tack," she commanded during a recent afternoon sail. "Pull in the jib sheet." A flatter boat i

    April 14, 2014

Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Poll

Should e-cigarette marketing be regulated like tobacco?

Yes
No
Unsure
     View Results
Featured Ads
AP Video
Tributes Mark Boston Bombing Anniversary Raw: Kan. Shooting Suspect Faces Judge US Supports Ukraine's Efforts to Calm Tensions Suspect in Kansas Shootings Faces Murder Charges Ukraine: Military Recaptures Eastern Airport Raw: Storm Topples RVs Near Miss. Gulf Coast NASA Showcases Lunar Eclipse Pistorius Cries During Final Cross-Examination The Boston Marathon Bombing: One Year Later Michael Phelps Set to Come Out of Retirement First Women Move to Army Platoon Artillery Jobs Sex Offenders Charged in Serial Killings Police: Woman Stored Dead Babies in Garage OC Serial Murder Suspects May Have More Victims Family: 2 Shot in Head at Kan. Jewish Center Raw: Horse Jumping Inspires 'Bunny Hop' After Attack, Officials Kill 5 Bears in Florida Popular Science Honors Year's Top Inventions ND Oil Boom Attracting Drug Traffickers
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.