The estate tax repeal bill was delivered to President Clinton Thursday for what is expected to be a certain veto. Congressional leaders have promised to attempt a veto override on this extremely popular bill.
The bill would entirely repeal the federal estate tax over a 10-year period. Opponents of the bill claim it favors the wealth, while supporters claim it will save untold numbers of family businesses, particularly farms, which often end up being sold to pay exorbitant estate taxes.
Clinton has until Labor Day to make a decision about the fate of the bill. If the bill is vetoed, Congress will attempt to override the veto. When the bill originally passed, there was enough support in Congress to provide the required two-thirds majority vote. Since that time, however, the margin has slimmed as some House Democrats have indicated they may change their votes in support of the President.