Inheritance tax

It’s A Done Deal!

Tax Bill Headed To President’s Desk After Passage In House

Huffington Post

A coalition of Republicans and conservative Democrats combined to push the Obama-GOP tax-cut deal through the House by a vote of 277-148 in Friday’s early morning hours. The bill slashes the estate tax, extends all the Bush tax cuts and reauthorizes unemployment insurance for 13 months. The bill will now go to the president for his signature.

The crucial vote was not on final passage of the tax cuts, but on the vote before, to reduce the generosity of the estate tax cut. Had it been included in the final measure, the bill would have gone back to the Senate. An identical version of that amendment passed in December 2009 with 225 votes, but it failed this time 233-194, with 60 Democrats voting against tightening the estate tax.   More…

Lieberman Organizing Against Obama On Bush Tax Cuts

As TPM DC puts it, Senator Joe Lieberman is making sure “no millionaire is left behind” if the middle class gets Obama’s tax cuts:

President Obama has been absolutely clear that he wants to see the Bush tax cuts for the top two income brackets expire. So who better to lead the charge in the Senate to see all the Bush tax cuts extended than Joe Lieberman (I-CT).

“I know that many people, including the President, have argued that the tax cuts should not be continued for people making more than $200,000 a year,” Lieberman told the Stamford Chamber of Commerce today. “But to me these are the people we need to be using their income to spend and invest to spur growth and job creation.”

Thus, he adds, “I have had promising discussions over the past several days with colleagues from both sides of the aisle who see a bipartisan path forward on a permanent extension of the middle-class tax cuts and a temporary extension of the tax cuts for the highest income brackets to make sure that nobody’s taxes go up while the economy is still struggling to recover.”

The statement comes just as Democratic leaders coalesce around a legislative game plan to pass Obama’s proposal.

Now, this doesn’t represent a change of position for Lieberman. He’s been arguing that the top-bracket tax rates should be extended for another two years since the debate heated up. And, for that matter, he’s also insisted that he won’t stand in the way by joining a GOP filibuster if Harry Reid tries to extend the tax rates for the lower brackets alone.

But it looks like he wasn’t kidding when “[I'll do] everything I can to make sure Congress extends the so-called Bush tax cuts for another year and takes action to prevent the estate tax from rising back to where it was.”