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Senate fails on Death Tax

For a second consecutive year, a move to permanently repeal the estate (or death) tax died in the U.S. Senate.

For a second consecutive year, a move to permanently repeal the estate (or death) tax died in the U.S. Senate. The push now for anti-Death Tax proponents is to dramatically raise the exemption levels.

Since the Economic Growth and Tax Relief Reconciliation Act of 2001 passed June 7, 2001, the death tax is temporarily on a phase-out schedule, ending with full repeal in 2010. Without permanent repeal, a sunset clause has the death tax reverting back to its pre-2001 levels of a 55% taxation rate of an estate's value, with only a $1-million exemption.