Update: Estate Tax Vote in U.S. Senate
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To: All NAIFA Members
From: David E. Smithkey, CLU, RFC, NAIFA President
Date: June 9, 2006
Subject: Update: Estate Tax Vote in U.S. Senate
Dear NAIFA Members:
U.S. Senate debate on the future of the estate tax on Thursday and Friday provided NAIFA members yet another opportunity to make a difference on a complicated and divisive issue. That’s something NAIFA has been doing since its founding 116 years ago. I am proud to say that NAIFA members rose to the occasion once again. I congratulate you and I thank you for your collective action.
When the dust cleared yesterday, the Senate lacked the votes to pass full repeal. The debate, broadcast nationally on C-SPAN, demonstrated how strongly Senators disagree on the issue. This disagreement convinces NAIFA to seek a middle ground on the issue — one that can be sustained politically over a long period of time. Unless a politically sustainable solution can be found, clients will never be able to plan their estates with certainty because Congress can change the law anytime it has the votes.
What happens now? Certainly you will hear a lot of political rhetoric leading up to next November's House and Senate elections. But there is a chance that a handful of Senators on both sides of the political aisle can put together a reform plan that can pass the Senate. They are certainly trying, and it could happen as early as next week. NAIFA will continue to offer its advice to this group on where to draw the lines. I ask you to stand by for further action.
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