The Senate fell three votes short of the 60 needed to cut off debate and move forward on a bill that would permanently repeal the estate tax paid on inherited estates. Under current law, the tax on estates at death is currently being phased out and will vanish for one year in 2010. However, it is reinstated in 2011 with a $1 million exemption.
The House has already passed a bill that would permanently repeal the death tax.
Senators continue to look for a workable compromise. And Senate Majority Leader Bill Frist, R-Tenn., says if one can be found he promises a quick vote.
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