Keep the Estate Tax?

The Wall Street Journal examines whether the estate tax should exist at all: http://bit.ly/bavBH8. The estate tax exemption amount (more properly titled the “exemption equivalent amount”) increased greatly from 2001 until 2009. During the late 1990’s, government economists projected budget surpluses in the coming decade. Therefore, the government sought to cut both income and transfer taxes. What the economists did not forecast was the tech bubble bursting, wars in Iraq and Afghanistan, and the most recent economic recession. Due to Congressional inaction, the estate tax has lapsed this year and the clamor for an outright repeal of the estate tax has heightened. The Journal presents viewpoints supporting the estate tax: http://bit.ly/cCKsx2 and the argument against the estate tax: http://bit.ly/91CnzS.