House Democratic efforts to change the tax deal struck by President Obama and congressional Republicans are focusing on an amendment to the estate tax provision, according to senior party sources familiar with a Monday leadership meeting.
The House estate tax proposal, originally written by Rep. Earl Pomeroy (D-N.D.), would apply a 45 percent levy to wealth over $3.5 million. It was adopted 225-220. The president and congressional Republicans agreed to a rate of 35 percent for the next two years, with an exemption for the first $5 million.
The Senate bill would decrease expected federal revenue by more than $60 billion through the end of 2013, according to the Joint Committee on Taxation, allowing House Democrats to argue against it both on the grounds that it's too generous to the wealthy and that it would add to the nation's debt.
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