A Republican-led effort to slash the estate tax failed to advance by three votes in the Senate today. Needing 60 votes, the measure got a 57-41 vote. It would have raised the tax exemption from $4 million for a couple to $10 million (from $2 million to $5 million for an individual) and dropped the tax rate on estates up to $30 million from 46 percent to 15 percent.
UPDATE: Wal-Mart Watch has a Walton-related comment on the vote, including a handy link to Walton contributions to members of the Senate (a potful, surprise, to Blanche Lincoln, the billionaire’s pal). Find it on the jump.
NOTED: Lincoln voted with the Republicans for the windfall for billionaires. Mark Pryor voted no.