June 27, 2002 | Read Time: 1 minute
Donors and fund raisers will continue to face uncertainty over the fate of the estate tax for some time to come, even though the Senate has defeated a plan to repeal the tax permanently on estates worth $1-million or more.
The Senate voted 54 to 44 against considering a measure that would have permanently repealed the tax. Fund raisers worry that without an estate tax, donors will have less incentive to give to charity.
Under current law, the estate tax is being gradually phased out over 10 years. But in 2011, the estate tax will be restored.
The House voted earlier this month to repeal the tax.
Senate Majority Leader Tom Daschle, Democrat of South Dakota, said he does not plan to schedule votes on any more tax-cut bills this session. Nevertheless, Republicans say they will continue to make the estate tax an issue and push for a vote in the next session of Congress.
