09/07/05 Crapo sees death tax compromise ahead

The hearings into the John Roberts Supreme Court nomination have been pushed back a week but will likely occupy a lot of the Senate's time this month as will Hurricane Katrina and its aftermath. Already there are some who say the federal government can't afford to permanently repeal the estate tax. Senator Mike Crapo says Republicans don't have the 60 votes needed to break a filibuster so they're negotiating with Democrats and one idea shows promise. CRAPO "It would be a compromise in the neighborhood of about a three and a half million dollar per person exemption which would be seven million dollars per couple total exemption and then having capital gains tax rates rather than estate tax rates which is a dramatic tax reduction and getting the step up in basis on the property after death which is a significant help to the heirs." Even though Idaho dairymen received millions in federal subsidies they want MILC, the Milk Income Loss Contract program to end October first. Crapo says its nothing but politics from Northeast and Midwest Senators who are trying to keep MILC alive for at least another two years. CRAPO "There is some momentum developing because of those political reasons that I just indicated for including it in reconciliation provisions or other provisions that the Ag Committee is working on right now." Mirroring the wishes of the state's producers the Idaho congressional delegation is opposed to that program. Today's Idaho Ag News Bill Scott