June 4, 2002 | WebMemo on Taxes
This week Congress will consider legislation to make the repeal of the death tax permanent.
The 2001 tax cut law phased out the death tax entirely by 2010, but because of a "quirk" in budget act the death tax reappears in full fury in 2011.
The bill under consideration would permanently extend death tax repeal and is a major step in the direction of fundamental tax reform.
This new legislation would yield the greatest economic gain because estate planning would occur without the threat of the punitive death tax reoccurring all at once in 2011.