House Repeals the Estate Tax

“The House voted Wednesday to eliminate federal estate taxes in 2010 and beyond, a repeal that Republicans hailed but Democrats said would reward the richest families at the steep cost of deeper federal deficits.“

Most estates already are exempt from federal taxes. Just over 2 percent of people who died in 2001 left estates subject to taxation.

TheStateOf: The federal government, as changed by the GOP majority, is reaching a major tipping point in terms of its ability to collect taxes. Repealing this tax would cost $290B over 10 years. It seems people want their roads paved, borders safe, all the war anyone could ever want, etc, but they simply don’t want to pay for it.