On April 13, the U.S. House of Representatives undertook its annual drill of voting to permanently abolish the federal estate tax, our only tax on inherited wealth. In 2003, the House passed identical legislation. Last time, Congress' projected 10-year cost of repeal was $162 billion; now, it's a cool $290 billion.
The lopsided vote for repeal, with 42 Democrats joining a unified gop, might suggest that the sun is setting on the estate tax. Anti-tax maestro Grover Norquist characterized it as “flopping around like that stupid fish in the boat.” “It's over, fish,” Norquist declared in one interview. “You're done!”
