Just last week it appeared that a deal had been reached in the Senate Finance Committee to submit new Estate Tax legislation for a Senate vote. The proposal would have brought back the $3.5 million per person exemption that was in effect in 2009, but indexed for inflation. The proposal would have also allowed for the "prepayment" of estate tax at a lower rate (the highest rate would be 45%).
But The Hill is reporting that the agreement between the parties has collapsed. Apparently Senate Democrats on the Committee are refusing to submit the proposal for a vote unless they know that they have a majority of party members in support -- which apparently is not the case.
Interesting, Senator Kyle is quoted as discussing Estate Tax "reform" rather than "repeal"; clearly, repeal is a dead issue unless the Republicans take bake the White House and both Houses of Congress, with a filibuster proof majority in the Senate. Recognizing that is unlikely, Republicans are willing to accept as large an exemption amount as they can get under the present political and economic realities.
So, the dance continues ...