House Proposes Eliminating the 'Death Tax'

In its unyielding devotion to President Bush's economic agenda, the House of Representatives voted today to make the repeal of the estate tax permanent.

Under current legislation, signed by President Bush in 2001, the estate tax will be gradually phased out until it's fully repealed in 2010. The size of an estate that can avoid tax will rise to $3.5 million by 2009. That means anyone who dies in 2009 can leave up to $3.5 million to any heir completely tax-free. (Bequests of any size can always be left tax-free to a spouse or charity.)

Republicans have long advocated the repeal of the estate tax, and President Bush has championed the notion since his presidential campaign.

In 2010, the estate tax disappears completely -- until it comes back a year later, like the sequel to a bad summer movie. ...