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CNN Today

Senate Votes to Repeal Estate Tax

Aired July 14, 2000 - 2:06 p.m. ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

NATALIE ALLEN, CNN ANCHOR: Funerals and weddings can get expensive, especially when you figure in the taxes. Estate taxes and the so-called "marriage penalty" have dominated debate in the Senate today. And one important bill has already passed.

CNN's Bob Franken joins us from Capitol Hill with more -- Bob.

BOB FRANKEN, CNN NATIONAL CORRESPONDENT: Natalie, the one that has already passed is the estate tax legislation. Republicans love to call it death tax. That legislation will eventually repeal the inheritance taxes over the objection of the Democrats who say it is far too expensive, it will ultimately cost $50 billion a year and helps only the favored rich. But the Republicans were able not only to pass the legislation, first in the House and now in the Senate, but this final passage in the Senate included nine Democrats. Nevertheless, President Clinton has promised a veto.

Politics? It's pure politics.

(BEGIN VIDEO CLIP)

SEN. PHIL GRAMM (R), TEXAS: The good news is the Congress has repealed the death tax. The bad news is the president says he's going to veto it. But the good news is Bill Clinton is not going to be president next year.

(END VIDEO CLIP)

FRANKEN: That, of course, is the fondest hope of Republicans. And many of them will tell you privately that that's one of the reasons that they passed this legislation -- Natalie.

ALLEN: And what about the marriage penalty, Bob?

FRANKEN: Well, the marriage penalty is that other one that Republicans believe is really a good one for them. The marriage penalty, of course, is the tax, the added tax that many married couples have to pay. It's been a popular issue for Republicans for years. President Clinton even said that he opposed it in principle.

But he does not support this legislation even though the Republicans feel like they have a certain political winner here.

(BEGIN VIDEO CLIP) SEN. KAY BAILEY HUTCHISON (R), TEXAS: We have made this a high priority, because we believe it is un-American to make people choose between love and money. And that's what the marriage penalty does.

(END VIDEO CLIP)

FRANKEN: But the Democrats complain that what it also does is really just take care of a few wealthy people while ignoring any number of others.

Democrats charge that this tax, too, is irresponsible.

(BEGIN VIDEO CLIP)

SEN. EDWARD KENNEDY (D), MASSACHUSETTS: At the end of this week and the beginning of next week, with the expenditures of just about a trillion dollars, a trillion dollars from the treasury, we're not buying one new book for a child in America, not one new book. We're not buying one new Band-Aid or one prescription drug for a senior citizen that's in need.

(END VIDEO CLIP)

FRANKEN: So what the Democrats are claiming is that there should be other priorities. Republicans believe that tax cutting is a great political priority, and their timing, well, the president will have to decide whether to veto or not veto both of these pieces of legislation right before the GOP convention -- Natalie.

ALLEN: All right, Bob Franken, on Capitol Hill.

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