Ode to the Estate Tax—repeal?

• Publication year: 2009

ODE TO THE ESTATE TAX—REPEAL?

by Scott G. Beattie^*

It was New Years Eve, celebrations were intense. 2010 had arrived with Congress still on the fence.

The Estate Tax it seems would be repealed after all.

No need to worry if Momma takes a fall.

For years and years, the debate came to naught.

On healthcare instead, elections will be bought.

From fifty-five percent the estate tax has dropped To zero percent, may the party never stop.

But wait, oh no, what mess have we here?

Will carry over basis prevail all through the year?

And with gift tax exemption of $1 million, no more.

You, the living, may not give away the store.

So if you think your tax troubles have faded away...