Senators Lincoln, Kyl Float Estate Tax Reduction Proposal

The small business lending bill passed the House in June, but the Senate pulled the bill from debate in mid July due to procedural delays. A spokesperson for Lincoln’s office says that the Senate may bring the bill, and the estate tax issue, up for a final vote “shortly after” Congress’s month-long August recess, but other congressional staffers have suggested the vote could come before the Senate adjourns for its recess on August 7.

“If the Small Business Lending bill is intended to help small business create jobs, wouldn’t it make sense to provide small business owners with the certainty that their tax rates aren’t going to skyrocket at the beginning of next year?” said Kyl in a statement. “In just six short months, American taxpayers will face the largest tax hike in history unless Congress acts. It is estimated that more than a half million American families will pay the estate tax over the next decade, and the lack of congressional action creates a tremendous amount of uncertainty for these families, small-business owners, and farmers. This uncertainty is one of several factors acting to prevent a strong economic recovery from taking hold.”