Estate Tax Reform Bill (Withdrawn)

[Sam Spade]

Estate Tax Reform Bill

Effective FY 2008, Clause 3 of the Tax Increase Act is amended as follows:
Each portion of the value of the estate shall be taxed at the following rates, with each rate corresponding to the tax rate on only the portion of the estate that falls in the appointed range:

a) $0-$2,000,000 – 0%
b) $2,000,001-$4,000,000 – 3%
c) $4,000,001-$9,000,000 – 4%
d) $9,000,001-$15,500,000 – 5%
e) $15,500,001-$22,000,000 – 7.5%
f) $22,000,001-$45,000,000 – 10%
g) $45,000,001-$75,000,000 – 12.5%
h) $75,000,001-$100,000,000 – 15%
i) $100,000,001 and above – 17.5%
j) Farmers' non-residential property shall be taxed at 50% the normal tax rate.

(Sponsor: Ebowed)

[DownWithTheLeft]

Well since this hit the floor Ebowed was opening himself up to this amendment:

I propose to replace Sections A-J with an amendment to create a flat percentage of 5%

[Sam Spade]

Well since this hit the floor Ebowed was opening himself up to this amendment:

I propose to replace Sections A-J with an amendment to create a flat percentage of 8%

That is not a specific enough amendment - You need to go back to the original bill and tell me at what "price range" the 8% starts at.

[Brandon H]

Here is the current section 3:

    * 3. An estate tax is established. Each portion of the value of the estate shall be taxed at the following rates, with each rate corresponding to the tax rate on only the portion of the estate that falls in the appointed range:

a) $0-$5,000,000 – 0%
b) $5,000,001-$10,000,000 – 3%
c) $10,000,001-$17,500,000 – 4%
d) $17,500,001-$25,000,000 – 5%
e) $25,000,001-$50,000,000 – 7.5%
f) $50,000,001-$100,000,000 – 10%
g) $100,000,001 and above – 12.5%
h) Farmers' non-residential property shall be taxed at 50% the normal tax rate

[DownWithTheLeft]

Well since this hit the floor Ebowed was opening himself up to this amendment:

I propose to replace Sections A-J with an amendment to create a flat percentage of 8%

That is not a specific enough amendment - You need to go back to the original bill and tell me at what "price range" the 8% starts at.

$0+, it's a flat tax

[The Man From G.O.P.]

Well since this hit the floor Ebowed was opening himself up to this amendment:

I propose to replace Sections A-J with an amendment to create a flat percentage of 8%

You want to put an estate tax of 8% on everyone?

[DownWithTheLeft]

Well since this hit the floor Ebowed was opening himself up to this amendment:

I propose to replace Sections A-J with an amendment to create a flat percentage of 8%

You want to put an estate tax of 8% on everyone?

Certainly better than unfair percentages on different groups.  I think totally eliminating it would not be a great idea.  Possibly dropping the percentage though might be better.

[The Man From G.O.P.]

Well since this hit the floor Ebowed was opening himself up to this amendment:

I propose to replace Sections A-J with an amendment to create a flat percentage of 8%

You want to put an estate tax of 8% on everyone?

Certainly better than unfair percentages on different groups.  I think totally eliminating it would not be a great idea.  Possibly dropping the percentage though might be better.

If there are better ideas why don't you propose them instead of suggesting to the Senate another 8% off the top is ok to you.

[DownWithTheLeft]

Well since this hit the floor Ebowed was opening himself up to this amendment:

I propose to replace Sections A-J with an amendment to create a flat percentage of 8%

You want to put an estate tax of 8% on everyone?

Certainly better than unfair percentages on different groups.  I think totally eliminating it would not be a great idea.  Possibly dropping the percentage though might be better.

If there are better ideas why don't you propose them instead of suggesting to the Senate another 8% off the top is ok to you.

8% seemed reasonable to myself, anything less would have a hard time getting through the senate.

[Sam Spade]

I wish to amend the entirety of the bill to read as follows:

Effective FY 2008, Clause 3 of the Tax Increase Act is amended as follows:
Each portion of the value of the estate shall be taxed at the following rates, with each rate corresponding to the tax rate on only the portion of the estate that falls in the appointed range:

a) $0-$5,000,000 – 0%
b) $5,000,001-$10,000,000 – 1%
c) $10,000,001-$17,500,000 – 3%
d) $17,500,001-$25,000,000 – 6%
e) $25,000,001-$50,000,000 – 10%
f) $50,000,001-$100,000,000 – 15%
g) $100,000,001 and above – 25%
h) Farmers' non-residential property shall be taxed at 50% the normal tax rate above $10,000,000.

[DownWithTheLeft]

I withdraw my amendment for now, but I ask what the effect would be of eliminating estate taxes.

[Keystone Phil]

Senator Sam Spade's proposal seems the most reasonable.

[Ebowed]

I withdraw my amendment for now, but I ask what the effect would be of eliminating estate taxes.

Large loss of revenue.  Tax break for Paris Hilton.

[Sam Spade]

I withdraw my amendment for now, but I ask what the effect would be of eliminating estate taxes.

I want to say that the amount taken in each year by estate taxes is 20-30 billion, but I don't have any stats for that.

[The Man From G.O.P.]

I believe the proposal Sam currently has sounds very good.

[Sam Spade]

We are voting on the following amendment:

I wish to amend the entirety of the bill to read as follows:

Effective FY 2008, Clause 3 of the Tax Increase Act is amended as follows:
Each portion of the value of the estate shall be taxed at the following rates, with each rate corresponding to the tax rate on only the portion of the estate that falls in the appointed range:

a) $0-$5,000,000 – 0%
b) $5,000,001-$10,000,000 – 1%
c) $10,000,001-$17,500,000 – 3%
d) $17,500,001-$25,000,000 – 6%
e) $25,000,001-$50,000,000 – 10%
f) $50,000,001-$100,000,000 – 15%
g) $100,000,001 and above – 25%
h) Farmers' non-residential property shall be taxed at 50% the normal tax rate above $10,000,000.

Please vote Aye, Nay or Abstain.

[Ebowed]

Nay

[DownWithTheLeft]

Aye

[Keystone Phil]

Aye

[Filuwaúrdjan]

Nay

[PBrunsel]

Aye

[Brandon H]

Aye

[Hatman 🍁]

Nay

[Јas]

Current Tally on Sam's Amendment
Aye: 4 (DWTL; Phil; PBrunsel; Brandon)
Nay: 3 (Ebowed; Al; Earl)
Absent: 1 (Lewis)
Yet to Vote: 2 (Rob; Sam)

[Rob]

Nay.