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StumbleGOP taps Rep. Dean Heller for estate tax alternative
Thursday, Dec. 3, 2009 | 5:03 p.m.
Rep. Dean Heller
Sun Coverage
WASHINGTON -- Democratic Rep. Shelley Berkley has been hard at work on legislation to enhance the estate tax break, but it was Nevada's Republican Rep. Dean Heller who won the prime-time spot this afternoon to offer an alternative to the Democratic bill.
Democrats were poised to extend the estate tax break that was launched under the Bush administration but set to expire. The Democratic bill would make permanent the tax exemption for individuals who pass along up to $3.5 million and families up to $7 million in inheritance. Any inheritance above those amounts would be taxed at 45 percent, as has been law for much of the decade.
Berkley sought a more generous tax break in a bipartisan bill that would lift the threshold to $5 million for individuals and $10 million for families, and tax estates above those limits at 35 percent. Her amendment was rejected Wednesday at the House Rules Committee despite growing support.
Republicans get one shot at an alternative, under the rules approved for debate.
Republican leaders tapped Heller to offer his party's alternative during today's vote.
The Republican alternative would have wiped out the estate tax completely, temporarily repealing it.
In many ways, the Republican alternative is a symbolic gesture. Democrats mostly vote a block (as do Republicans), and without the 218 votes needed for passage, the Republican offer would fail. Just 15 Democrats broke rank to join the Republicans on a procedural move.
But the offering did give Heller some face time on the floor and atta-boys from his colleagues. His final proposal was rejected 187-233, with 18 Democrats crossing over.
Democrats went on to pass their extension of the estate tax, however, the bill faces an uncertain fate in the Senate.
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Why not repeal spin down for middle and lower class American families resulting from the Tax Recovery Act of 2003, which Republicans initiated and pushed through on legislative reconciliation. The Republicans were clearly content with extending two war strategies indefinitely at the expense of trillions of new revenue from the estate's of American working families.
After repealing spin down, nex the President and Congress can initiate war bonds, and implement a draft so everyone gets to be patriotic and serve overseas, not just an over-stretched volunteer force going through single parenting, financial duress, long term impairments, and separations and divorces.
If America is going to war, then let's see all Americans get with the program. I would be willing to bet wars are a lot shorter and have a greater sense of finality, which adversaries and world thugs will quickly pick up on.
Silly question: The bill "would make permanent the tax exemption for individuals who pass along up to $3.5 million and families up to $7 million in inheritance."
How is the $7 million exemption achieved? When both the husband and wife die at the same time? What if one pre-deceases the other? Does the tax fall back to the $3.5 million exemption?