Friday, May 29, 2015
The U.S. of Representatives recently passed a bill to abolish the federal Estate Tax (Death Tax). In order to become law this bill is going to have to survive a number of hurdles. The Bill would first need to pass through the Senate with 60 votes to bypass a filibuster. Republicans currently have a 54 seat majority, so they would need the votes of at least six Democrats to reach the necessary 60 vote threshold. Even if the bill manages to get through the Senate, it would still need to be signed into law by the President. Convincing President Obama to sign this bill would be a difficult task given his expressed position in support of maintaining the estate tax. Given the current political realities, efforts to abolish the estate tax will probably not be successful until at least after the 2016 elections.
See Tom Nawrocki, The politics of repealing the estate tax, LifeHealthpro, May 27, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.