It’s almost the weekend! Wanted to give you a quick update:
Earlier this week, Leader Reid started the Rule 14 process for S.3393, a Democrat tax hike bill. His office informed us today that they have revised the bill (see attached) and will begin the Rule 14 process on it tonight. This new version is identical to S.3393 except that instead of adopting President Obama’s death tax policy of a $3.5M exemption and a 45% rate, it allows the death tax to return to a 55% rate with a million dollar exemption.
According to one analysis from the liberal Tax Policy Center, compared to the Hatch/McConnell bill, the revised Democrat tax hike bill would subject an additional 48,500 estates to a $27 billion tax hike in 2013.
Also attached is the Hatch/McConnell plan to avoid allowing taxes to go up at the end of the year, which will be introduced and Rule 14ed tonight.
Scores of both plans are attached – note that even with the additional tax increase from allowing the estate tax to go back up to a 55% rate with a million dollar exemption, the Democrat’s bill only raises an additional $50 billion over the Republican plan next year, enough to fund the government for five days.
We expect they could turn to one or both of these measures at some point this work period. We will keep you posted.
Also, I wanted to be sure you saw that Leader Reid announced the following days as “No Vote Days:” Monday, September 17th, Tuesday, September 18th, and Wednesday, September 26th.
Have a good evening!
Brandi Wilson White
Policy Advisor and Counsel
Office of the Republican Leader
S-230, The Capitol