Death Tax Senate Showdown

At the moment 56 Senators are willing to vote to repeal the infamous death tax, a measure intended to prevent the horrible repeated events of silver spoons but instead one of the key causes of the death of the family farm. While the death tax repeal gets rid of the 50% tax, the brokered compromise still allows for capital gains taxes on investments.

The current form of the bill repeals the death tax in 2010 for just a year so one wonders what the fuss is about.

We've seen a lot of “temporary” tax measures become permanent (like, say, the income tax intended to just pay for the Civil War), but can anyone really imagine a temporary tax repeal becoming permanent? Congress is notorious for passing last minute or midnight provisions to increase taxes but never for eliminating them.

Josh Poulson

Posted Monday, Jun 5 2006 07:09 AM

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