In this photo, George Steinbrenner's coffin is driven by hearse during funeral services Saturday, July 17, 2010, in Trinity, Fla. (AP Photo/Chris O'Meara)
Unless Congress acts to extend its repeal, the death tax is scheduled to return in 2011– a tax that liberals and conservatives alike seem to agree is designed only to attack the “pockets” of the wealthy.
A moratorium on the tax expires after Dec. 31, 2010, and the tax will return in 2011 taxing inheritances at a rate of 55 percent with only a $1 million exemption unless Congress changes the tax law.
On a 39-59 vote, the Senate on Wednesday rejected a measure sponsored by Sen. Jim DeMint (R-S.C.) that would have permanently repealed the tax.
DeMint’s measure, which came in the form of an amendment to a small business bill, would have made permanent the repeal of the federal estate tax, which is set to expire on Dec. 31.
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