An estate tax relief bill that would benefit family-owned businesses, including trucking companies, ran into a political dogfight in the Senate, which also featured an unsuccessful attempt to temporarily lift the federal tax on diesel fuel and gasoline.
Both Democrats and Republicans last week said the estate tax — also called the inheritance tax and the death tax — should be repealed but disagreed over how to achieve that end. A vote of the full Senate was scheduled for July 13, but wrangling over a series of amendments continued into the evening as Transport Topics went to press.
“All of us essentially agree that we should repeal the death tax,” said Sen. Byron Dorgan (D-N.D.). He criticized the Republican bill for providing tax cuts to wealthy Americans, and endorsed the Democratic initiative to providing relief through reductions in the tax rate and more exemptions for family-owned businesses.
"I think the bill will pass and will affect the vast majority of trucking companies in this country," said Kevin William, president of the Distribution & LTL Carriers, Alexandria, Va.
For the full story, see the July 17 print edition of Transport Topics. Subscribe today.
