The U.S. Senate passed a bill by Democrats today, extending expiring tax cuts for Americans making less than $250,000 a year.
The Senate passed the bill 51-48, with Nebraska Senator Ben Nelson voting for the bill and Mike Johanns voting against.
Johanns spoke on the floor this morning, and said he foresees an economic disaster if the bill passes.
One measure the Senator disagrees with in the bill is to increase the estate tax rate. He says a typical full-time farm in Nebraska would see an increased estate tax by 55%.
“Families should not have to sell the family business and lay-off their employees to pay a 55% tax rate on the value of the estate”. Johanns told colleagues.
Senator Johanns says the National Federation of Independent Businesses estimates the tax increases would result in an economy 1.5% smaller than it is today.