Senate fails to reform Death Tax

WASHINGTON - U.S. Senator Saxby Chambliss, R-Ga., has expressed disappointment with the Senate's failure to approve an amendment to the Fiscal Year 2009 Budget Resolution that would have reformed the Death Tax. Specifically,the amendment would have protected small businesses, family ranches and farms from the Death Tax by providing a $5 million exemption, a low rate for smaller estates and a maximum rate no higher than 35%.

"The death tax is a burdensome taxation on American families, small businesses, and family farmers, and I think it is simply wrong that the federal government seeks to tax individuals and their possessions at the time of their death," said Chambliss. "People work hard in hopes of passing their family business or farm on to their children and grandchildren, and I'm disappointed that my colleagues in the Senate seek to continue this unnecessary tax."