The House on September 7 failed to override the President’s veto of a bill (H.R. 8) designed to eliminate estate, gift, and generation-skipping taxes by 2010. The tally of 274-157 was 14 votes short of the two-thirds majority required to override a presidential veto.
The measure, sponsored by Rep. Jennifer Dunn (R-WA), received House approval on June 9 and Senate approval on July 14 (see The Source, 7/14/00, p. 2). It was vetoed by the President on August 31. The President stated that the bill would disproportionately benefit wealthier heirs. He also described the bill, which is estimated to reduce federal tax revenues by $104 billion over ten years, as fiscally irresponsible.
Although most Members participating in floor discussion acknowledged a desire to mitigate estate taxes, several Democrats offered support for a narrower approach proposed by Rep. Charles Rangel (D-NY) and backed by the President. Rep. Karen Thurman (D-FL) described Rep. Rangel’s proposal as “a fiscally responsible alternative that gives estate tax relief where it is needed.”
However, Rep. Dunn said the Democratic alternative “maintains high death tax rates and provides hollow relief for family farms and for businesses. Most importantly, it does not repeal the death tax.” She added: “There is only one way to rid the tax code of this immoral, unfair, and economically unsound tax, and that is to eliminate it.”
