Because most media outlets, thousands of bloggers and millions of ordinary citizens would not permit the Senate to operate in the dark, the complete abolition of the estate tax failed. Hurrah! Your grandchildren thank you.
Perhaps now the Congress will consider this tax in its proper perspective. Certainly there is need for a tax that protects the vast majority of estates from taxation. As it stands now fewer than 10,000 estates each year are taxed. That seems reasonable since a tax of 46% of the amount over $4 million will leave few heirs without latte or cause the sale of very few family farms. If I recall correctly, something in the neighborhood of $7 million would be a proper indexation of the original estate tax of $1 million. That should probably be the ultimate target for reform legislation.
We’re all better off with the stance taken yesterday.
Blog on!
Wild Bill
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