Bill falls short in Senate vote.
The Senate has rejected a bill designed to cut
inheritance taxes on multimillion-dollar estates.
Republicans had proposed the bill to increase the federal estate
tax exemption to $5 million per person and reduce the amount taxed on larger
estates. In an attempt to sway Senate Democrats, GOP lawmakers had linked the
tax cuts to a popular measure to increase the federal minimum wage.
The bill, however, failed in a 56-42 vote. Senate Majority Leader Bill Frist (R-Tenn.) says the bill will come
up for debate again this fall.
The House passed a version of the bill on July 29.
—Tim Chan
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