As estate tax law now stands per last year’s legislation, the tax is being gradually phased out and is set to disappear in 2010. But then, under a “sunset” provision, the legislation would expire and the tax would reappear in 2011, reverting back to its previous levels.
Republican leaders noted that phasing out the tax and bringing it back in full force did not make economic sense. House majority leader Dick Armey (R-TX) stated that business people would have to plan to “die on time” in order to preserve their estates for their successors.