In case you missed it, last Wednesday the Senate voted 39 - 59 against making repeal of the federal estate tax that took effect on January 1, 2010, a permanent fix. The vote was prompted by an amendment proposed by Senator Jim DeMint (R-SC) to the bill aimed at extending unemployment benefits. All of the votes in favor of permanent repeal were cast by Republicans who were also joined by two Democrats, Senators Blanche Lincoln (D-AR) and Ben Nelson (D-NE).
An interesting side note to the Senate vote that was discussed by John D. McKinnon in the Washington Wire blog for The Wall Street Journal is the fact that while a "bipartisan effort in Congress to lower future estate tax rates" has "gone quiet" because lawmakers are focused on the economy, nonetheless the estate tax debate could make or break certain election results, including the race between Senator Harry Reid (D-NV) and his opponent, Republican Sharron Angle, who last week signed a pledge to work towards permanent repeal of the federal estate tax: Angle pledges to repeal death tax.
John D. McKinnon - Estate Tax Vote: An Issue in Fall Vote?
Other Estate Tax Updates: