Conservatives, including the administration, were hoping to eliminate the estate tax altogether.
I can’t help but break out in a rueful smile every time I think of the issue. Conservatives, particularly when talking about economics and welfare, like to speak fondly of the archetypical American success story: the rags to riches tale of the man who “makes it” by the sweat of his brow, self-reliance, and steely determination, who pulls himself up by his bootstraps to stand on his own two feet. Hard work builds character, and we can appreciate our circumstances more if we have to work for it, these conservatives (rightfully) explain.
But these same people are hellbent on eliminating the estate tax, a tax limited to several thousand of the nation’s wealthiest inheritors.