Senate Expected to Pass Estate Tax Bill
The Senate intends to phase out estate and gift taxes when it meets this week, benefiting almost all small businesses, including trucking companies, said spokesmen for both the Senate and trucking.
The House-approved bill introduced by Rep. Jennifer Dunn (R-Wash.) eliminates estate taxes over 10 years. It is expected to be addressed by the Senate July 11, the day after members return from the summer recess, and could be voted on as early as Thursday.
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If the Senate supports “as is” a popular House-passed bill that provides tax relief to survivors, the legislation would go directly to President Clinton for his signature, Sam Whitfield, press secretary for Majority Leader Trent Lott, said on July 6.
“This is a tax that needs to be phased out,” Whitfield said in summarizing the majority leader’s views.
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