Estate Tax Repeal Gains Momentum in Midterm Campaign

The effort to repeal the estate tax is gaining momentum in the 2010 midterm campaign. Of the 260 candidates for the November 2 elections who have pledged to eliminate the estate tax, 253 are Republicans.

Congressional liberals think repealing the estate tax would be morally obscene, especially with soaring government deficits. Eliminating the estate tax would cost approximately $410 billion over the next ten years. While some of these liberal candidates feel that the estate tax won’t affect elections, others are beginning to worry about the renewed repeal momentum.

The estate tax repeal has mainly become an issue in southern districts and rural areas because it raises specific concerns among landowners and farmers.

For more information, including a clip of John McKinnon discussing the estate tax as a hot-button election issue, see John D. McKinnon, Estate-Tax Rises Again as Issue on Trail, W.S.J., Oct. 14, 2010.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this to my attention.