Democrats Balk at Second-Lowest U.S. Estate Tax in 80 Years
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Senate Republicans won one of their top priorities in tax-cut negotiations with President Barack Obama by securing what would be the second-lowest U.S. estate tax in 80 years.
That victory has now become a focal point for House Democrats, who are venting over what they say is a poor deal that gives a disproportionate amount of benefits to the very rich while padding deficits. House Speaker Nancy Pelosi of California described the estate tax plan yesterday as “a bridge too far,” and one of her lieutenants, Maryland Representative Chris Van Hollen, called it a “huge bonanza.”