Von Aldo

Just Weeks Away from One-Year Death of the Death Tax

Our friends at the Tax Foundation are in (somewhat) of a state of disbelief that the estate tax (among the most anti-liberal policies ever) will actually go away---for 2010. Here is a post from the non-partisan Tax Foundation blog (well, partisan in that the group seems to seek a rational tax system but non-partisan in that the group is equally critical of politicians who love to tax and favor):

Repeal of Estate Taxation and the Step-up in Basis Two Weeks Away?

by William Ahern

I've given reporters quotes all year saying the Democratic Congress would never permit the one-year repeal of federal estate taxation. Maybe I was wrong, as Politico reported this morning on Democratic procrastination.

Barring some reversal, the standoff means the levy will drop to zero for the first time in decades on New Year's Day -- a long-time goal for conservatives ... the episode is highly embarrassing for Reid and the White House for failing to address the deadline earlier. Click here for full blog post.

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