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. A 57-41 vote fell three votes short of advancing the bill.
What's your view of the estate tax? Is it a fair tax? Should your family have to pay a tax again on money already taxed previously?
Why or why not?
Senate blocks cut to estate tax - 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.
I think the estate tax really hits the smaller businesses harder than larger ones.
Larger companies which are public but run by founding families can maintain control of their companies a lot easier by having different classes of stock.
Smaller business founding families quite often have to sell the entire business or go into debt to pay off the estate taxes by taking out loans.
This country still has a long way to go when it comes to fostering and helping grow great businesses. It's these businesses that fuel the national and global economy. We shouldn't kill the goose laying the golden eggs.