The U.S. House will vote today on whether to approve the compromise bill to extend the Bush tax cuts and federal unemployment benefits, but will first try to amend the provision on the estate tax to raise more revenue.
The Hill reports:
Under procedures approved by the House Rules Committee on Wednesday evening, the House will vote first on a proposed change to the estate tax provision of the deal Obama reached with Republicans.
The change, offered by Rep. Earl Pomeroy (D-N.D.), would renew the 2009 inheritance tax at 45 percent for individuals with estates worth more than $3.5 million, a level identical to the rate passed by the House last year. The bill passed by the Senate on Wednesday sets the estate tax at 35 percent for individuals with an exemption beginning at $5 million.
If this amendment passes the bill would then go back to the Senate for approval with the changes, something Senate Republicans have said they would refuse to go along with. If the amendment fails but the bill passes, it would then go to President Obama for his signature.