WASHINGTON (Aug. 24, 2000)—Congress has sent its bill to repeal the estate tax to the White House, where President Clinton is expected to veto it.
The bill would gradually phase out the tax—a traditional bane on family-owned tire dealerships and other small businesses—over 10 years, at an estimated cost of $105 billion over the period and $50 billion annually thereafter. The Clinton administration, however, says this loss of federal revenue is too steep.
The bill´s 279-139 margin of victory in the House is veto-proof, but the 59-39 vote in the Senate was several votes short of an override.
Tire dealers and retreaders, while generally supportive of the bill, were disappointed that it doesn´t bring immediate repeal of the tax.