The Senate Republican proposal, which would have extended current rates for all taxpayers and preserved the 35/5 estate tax parameters, was defeated by a vote of 45-54. 44 of 47 Republicans and Democratic Senator Mark Pryor (D-AR) supported the amendment. 52 of 53 Democratic-aligned Senators and Republican Senators Susan Collins (R-ME) and Scott Brown (R-MA) voted against the measure.
The Senate Democratic proposal, which would extend current rates for taxpayers earning under $200,000 per year and did not address the estate tax, passed by a vote of 51-48. 51 of 53 Democratic Senators supported the bill. The 46 Republicans present and Democratic-aligned Senators Joe Lieberman (ID-CT) and Jim Webb (D-VA) opposed it.
The House is expected to take up and pass its one-year tax bill next week, which like the Senate GOP amendment would extend current rates for all taxpayers and preserve 35/5. While the prospects of enactment for any tax measure remain extremely dim between now and the start of the likely lame duck session, both parties have taken advantage of today’s flurry of activity to promote their tax reform messages in advance of the November elections.