Magazine article Editor & Publisher

'Death Tax' DOA in Rose Garden Clinton Vetoes GOP Tax Package

Magazine article Editor & Publisher

'Death Tax' DOA in Rose Garden Clinton Vetoes GOP Tax Package

Article excerpt

Leaders of the campaign to eliminate the so-called "death tax" - which has hit family-owned businesses, including newspapers, with heavy federal tax burdens for decades package that included a death-tax repeal.

"This is an issue that will heat up again next year, and we have a lot of momentum," said Paul Boyle, vice president of government affairs for the Newspaper Association of America (naa). "We feel good that this was the first time ever that Congress approved a bill that calls for phaseout of the death tax."

Rep. Jennifer Dunn, R-Wash., who co-sponsored the death-tax portion of the bill, also offered hope for a future repeal. "We must eliminate this unfair tax," she said.

Among the provisions of the $792-billion, Republican-backed, tax-cut package that Clinton vetoed was one that would have eliminated the death tax over the next 10 years. Clinton had told Congress that he wanted any tax cut to be under $300 billion. "This bill is too big, too bloated, and places too big a burden on America's economy," he said.

The entire tax-cut package - which included a 1% income-tax cut capital-gains and marriage tax reductions - was approved by a 221-206 vote in the House of Representatives and a 50-49 vote in the Senate, but failed to garner the two-thirds majority needed to override a veto. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.