White House and GOP are not compromising on taxes

09/15/2010 | InvestmentNews (free registration)

Senate Minority Leader Mitch McConnell, R-Ky., has introduced legislation that would keep the tax breaks implemented in 2001 and 2003, indicating that a compromise with Democrats is unlikely. The bill also includes a provision to establish an estate-tax rate of 35%, with a $5 million exemption indexed for inflation and a stepped-up basis for inherited assets. Proposing the bill may indicate that McConnell is confident of his ability to unite the 41 Senate Republicans in a filibuster against a rival bill sponsored by the Democrats.

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