Estate Tax Deal Crumbles as Democrats Balk at Tax Decreases for Wealthy

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Senate negotiators say a deal to cut estate taxes is on the verge of collapse after a majority of the Democratic caucus expresses concerns about voting for an expensive tax cut for wealthy families. “There is no agreement on the estate tax in either substance or process. None whatsoever,” Senate Finance Committee Chairman Baucus tells reporters. Senate Minority Whip Kyl previously announced that talks with a bipartisan group of negotiators on the estate tax had brought them close to an agreement that would eliminate the chances of a retroactive estate tax increase and eventually cut the estate tax rate while raising the exemption levels.