Estate Tax
WASHINGTON, Dec. 17, 2010—OMB Watch today criticized the House's Dec. 16 failure to adopt Rep. Earl Pomeroy's (D-ND) estate tax amendment to the Bush tax cut compromise reached by President Obama and congressional Republicans. The vote against the Pomeroy amendment indicates that the nation's fiscal priorities have been cast aside in favor of the estate planning needs of the wealthiest 0.3 percent of Americans.
On Capitol Hill, there exists a debate about the future of the Bush tax cuts and the federal estate tax. While President Bush's 2001 tax policy eliminated the estate tax for 2010, it is set to return to pre-Bush tax cut levels in 2011 unless Congress intervenes. How Congress chooses to address the estate tax will have significant implications for the federal budget deficit and the fair distribution of the nation’s prosperity.
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