Senate fails to repeal Paris Hilton tax

Senate Plan to Repeal Inheritance Tax Fails

The Senate rejected a plan yesterday to permanently repeal the federal tax on inherited estates, but lawmakers continued to negotiate behind the scenes to try to find a compromise that would reduce the levy significantly.

Voting 57 to 41, the Senate fell three votes short of the 60 needed to cut off debate and move to consider a Republican proposal that would have eliminated the estate tax. The levy is currently phasing out and will vanish in 2010, only to spring back to life in 2011.

Wow. The Senate didn’t bend over backwards to help out the poor oppressed billionaires? I’m speechless.

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