The Virginia senate voted yesterday to sustain Gov. Mark R. Warner's veto of a bill repealing Virginia's estate tax, imposed on the estates of millionaires after they die.
The 25-12 vote left Republicans only two votes short of the 27 votes necessary to maintain the tax repeal.
House and senate Democrats have long berated the repeal, which they say is fiscally irresponsible during a time of fiscal crisis. Republicans say that the repeal will cause Virginia's wealthiest citizens to leave the Commonwealth, along with their other forms of tax revenue.
Had the repeal been sustained, over $100 million would have been removed from the Commonwealth's revenue stream. Over $6 billion dollars has already been cut due to budget balancing.
Thirty-three other states have cut their inheritance taxes since Congress voted in 2001 to end the federal estate tax.
--Comp. by Anthony LaMesa
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