Disappointed: The Senate, Death Tax and R&D

By August 4, 2006Economy

Start with an overwhelming majority of Senators in favor of extending the R&D tax credit. Add a healthy majority who support a permanent solution to the death tax. And then add another majority of those who favor increasing the minimum wage.

And the sum is, well, not 60 votes, unfortunately.

Election-year politics was apparently the variable yesterday that led to the Senate’s regrettable inability to invoke cloture on H.R. 5970, the Estate Tax and Extension of Tax Relief Act. (NAM news release here.)

To be sure, manufacturers are no strangers to political calculation, and we appreciate Senators’ strongly held views on various provisions of the legislation. Nevertheless, the failure to pass death tax reform or extend the R&D tax credit is a disappointment, and it carries serious implications for the U.S. manufacturing economy.

Read the entire NAM post at The Hill’s Congress Blog.

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