NU Online News Service, June 19, 2003, 11:49 a.m. EDT — Washington
The U.S. House of Representatives voted 264-163 Wednesday to approve permanent repeal of the estate tax, but the bill is not expected to pass the Senate.
Tom Korb, director of government affairs for the Association for Advanced Life Underwriting, Falls Church, Va., says the vote for H.R. 8 in the House was not a surprise.
Permanent estate tax repeal has consistently had strong support in the House, Korb says.
However, he adds, he does not see the votes in the Senate for permanent repeal. Increasing budget deficits, combined with a variety of other priorities, will probably keep the Senate from voting in favor of permanent repeal, Korb says.
Longer term, Korb says, he believes the trend is toward permanent reform, which he notes is one of AALU’s chief goals, rather than repeal.