The Senate is moving forward with legislation to enact the tax agreement reached this week between the White House and congressional leaders.
Senate majority Leader Harry Reid (Nev.) filed a cloture motion on Thursday on a motion to concur on the Reid-McConnell tax amendment #4753. Voting will start when the cloture motion ripens at 3 p.m. Monday, Dec. 13. Sixty votes are needed to invoke cloture. Amendments are expected to try to modify the estate tax provisions of the bill.
A preliminary analysis of the bill shows that it contains estate tax provisions for two years, 2011 and 2012. The provisions include an estate tax exemption of $5 million per person and a top rate of 35 percent, indexes to the estate tax exemption for inflation and a spousal transfer of any unused estate tax exemption amount. This is the proposal put forward by Sens. Lincoln (Ark.) and Kyl (Ariz.).
A cloture is a motion aimed at bringing debate to a quick end.