Clinton Vetoes GOP Measure to Repeal Estate Tax
Washington Post (09/01/00) Vol. 190, No. 2 p.A2; Nakashima, Ellen

President Clinton has vetoed the Republican-sponsored legislation that would have eliminated the estate tax over 10 years, although it enjoyed significant Democratic support in Congress and Republican House leaders say they will make a veto override a priority when Congress reconvenes next week. Clinton says that the tax is unfair and points out that over half the cut would go to less than a tenth of 1 percent of the U.S. population. He also projects that the cut would cost the Treasury $105 billion in the first decade and $750 billion in the second decade, bringing a danger of deficits, and mentions that two billionaires called him to support a veto on the grounds that charitable contributions would be severely reduced. House Speaker J. Dennis Hastert (R-Ill.) counters that the estate tax is unfair and says that millions of Americans do not want to see a large part of their earnings go to the Internal Revenue Service instead of their families. Clinton says that the Democratic alternative to the GOP tax bill would provide most of the tax relief at once.


Back   |  IRA.com Home   |  News Archive