Senator Bond says time is running out and Congress needs to act and approve the compromise reached between President Obama and congressional Republicans to extend the Bush-era tax cuts.

Congressional Republicans used the political capital gained in the November 2nd elections to negotiate a compromise with President Obama. All tax rates approved under President Bush will be extended for two years, unemployment benefits will be extended for 13 months and payroll taxes will be cut 2% for a year.

Estates worth more than $5 million will be taxed at 35% when transferred upon death under the agreement. Bond doesn’t care for that provision.

“I believe that death should not be a taxable event,” Bond tells the Missourinet. “I don’t believe there should be any taxation without respiration.”

Bond says, as with all compromises, there are aspects in the deal Republicans don’t like and aspects Democrats don’t like. Though Bond is sympathetic with Americans who face losing their unemployment benefits, he’s not sure he would have agreed to extending them for a year and a month. Still, he says cutting off unemployment benefits during a down economy would cause many to suffer.

The compromise will allow business to write off 100% of capital investments for next year, an increase over the current 50% write-off.

Bond hopes there’s enough in the deal that enough Republicans and Democrats do like.

“I’ve talked to a lot of senators who think, on balance, it’s a good idea. I hope the Democrats in the House will think it’s a good idea,” Bond says. “The jury is still out, but it’s something that we need to come together to do.”

The tax cuts enacted during the administration of President Bush expire at the end of the year unless Congress acts. Budget writers estimate that extending the tax rates will cost about $900 billion. Supporters dispute that price tag, arguing that allowing the tax cuts to expire would cripple an already weak recovery.

AUDIO: Brent Martin reports [:60 MP3]