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House Proposal to Reform Earmarks Employs Double Standard, Largely Exempting Earmarks Packaged as Special Interest Tax Breaks
September 14, 2006
The House is about to consider a change in its rules that would require any committee that includes an “earmark” in legislation to report the name of the Member who sponsored the earmark.[1] One aspect of this proposal jumps out: while earmarked funding would be subject to this rule, earmarked special-interest tax breaks would be exempt from the rule, except for tax breaks that … -
Comparing the House Minimum Wage and Estate Tax Proposals
Revised August 3, 2006
House leaders are following a legislative strategy that involves marrying an increase in the minimum wage to a sharp reduction in the estate tax. This approach juxtaposes policies that are aimed at two groups at opposite ends of the economic spectrum: minimum-wage workers for whom full-time work currently pays $10,700 a year, and individuals who … -
House Estate Tax Proposal Has Essentially the Same Large Long-Term Cost As Earlier Version
July 28, 2006
Just five weeks after passing legislation that would drastically reduce the estate tax (H.R. 5638), the House of Representatives is considering another estate-tax proposal. The House passed H.R. 5638 in the hope that it would attract the needed 60 votes in the Senate, but Senators who oppose repealing most or all of the estate tax did not embrace the House alternative, … -
High Cost of Thomas Proposal Reflects the Low Effective Tax Rates Estates Would Face Proposal’s Benefits Would Go Primarily to Largest Estates
Revised June 23, 2006
On June 22, the House passed legislation to sharply reduce the estate tax, and the Senate may vote on the legislation next week. Introduced by House Ways and Means Committee Chairman Bill Thomas, the measure would exempt the first $10 million of an estate for a couple ($5 million for an individual) and would index this exemption for inflation after 2010.… -
Thomas Estate Tax Proposal Still "Near Repeal"
Revised June 23, 2006
On June 22, the House of Representatives passed estate-tax legislation (H.R. 5638), introduced by House Ways and Means Chairman Bill Thomas, that is very similar to — and even slightly more costly than — the most recent estate-tax proposal floated by Senator Jon Kyl. Both proposals would cost nearly as much as permanent repeal of the … -
New Estate Tax Anecdotes Dredge Up Old Myth That the Estate Tax Claims Half of an Estate
June 14, 2006
Opponents of the estate tax often claim that it forces estates to pay half of their assets in taxes. For example, during the Senate debate on the estate tax earlier this month, Senator Jon Kyl told the story of a businessman whose family allegedly had to pay “half of the value of [his] company to the government.” Senator Kyl went so far … -
New Joint Tax Committee Estimates Show Modified Kyl Proposal Still Very Costly
Revised June 13, 2006
On June 8, the Senate rejected, by a vote of 57-41, a motion to consider permanent repeal of the estate tax (under Senate rules, the measure required 60 votes to pass). During the lead-up to the vote, Senator Jon Kyl floated a modification of his longstanding “compromise” proposal to repeal most but not quite all of the estate tax. … -
New Joint Committee on Taxation Estimates of Estate Tax Repeal Show Slightly Higher Costs
June 9, 2006
The Joint Committee on Taxation this week released new estimates of the cost of making permanent the repeal of the estate tax after 2010. These estimates of the cost of H.R. 8, the measure that passed the House last year (and that the Senate voted on June 8 not to consider), show that permanent repeal would cost $386.5 billion between 2007 and 2016.… -
Estate Tax Repeal Would Decrease National Saving
June 8, 2006
Repeal of the estate tax would add about $1 trillion to federal deficits over the first decade in which its costs would be fully felt (2012-2021). These higher deficits would reduce national savings, with the consequence that, in the long run, estate tax repeal would have at best negligible, and possibly negative, effects on the economy. Surprisingly, … -
Estate Tax Repeal — or Slashing The Estate Tax Rate — Would Substantially Reduce Charitable Giving
June 7, 2006
Repealing the estate tax would substantially reduce U.S. charitable giving, according to research by the Congressional Budget Office and various economists. As CBO’s study explains, the estate tax creates powerful incentives for affluent individuals to donate to charity. Since donations made both during life and at death reduce the size of an estate and thus the amount subject … -
Estate Tax "Compromise" With 15 Percent Rate Is Little Different Than Permanent Repeal
Revised June 2, 2006
The Senate is expected to vote on estate tax repeal in June of this year. Permanent repeal of the estate tax would cost nearly $1 trillion between 2012 and 2021, the first ten year period in which its costs would be fully felt. (This cost includes $776 billion in revenue loss and $213 billion in higher interest payments on the federal debt.[1]) In … -
The State of the Estate Tax as of 2006
Revised June 2, 2006
With the Senate preparing to vote on permanent repeal of the estate tax in June, it is important to take stock of the changes that have already been made to the tax. As a result of legislation enacted in 2001, the portion of an estate that is exempt from taxation has more than doubled since 2000 and stands at $2 million ($4 million per couple) in 2006.… -
The House-Passed Budget Plan
Revised May 22, 2006
In the early morning of May 18, the House passed a budget plan (or “budget resolution”) for fiscal year 2007. In a separate vote later that day, the Housed “deemed” that the Congress has given final approval to the plan. As a result of this “deemer,” the House budget plan is now …
