"Former Treasury Secretary Robert Rubin called on Congress to immediately reinstate the estate tax, and said lawmakers should consider re-imposing the tax on the heirs of wealthy individuals who escaped it by dying this year.
Rubin, who spoke during a conference call sponsored by liberal group United For a Fair Economy, said that retroactive tax increases are "ordinarily considered not a good thing." But that's because in many cases taxpayers will argue that they relied on the current tax code--a more difficult case to make when it comes to the timing of one's death, Rubin said.
Therefore, making the tax retroactive to Jan. 1 "should be very seriously considered," Rubin said.
The estate tax was repealed for one year beginning Jan. 1. Unless Congress intervenes, it will return in 2011 to tax estate wealth in excess of $1 million at a 55% rate. [...]"
Read the full article by Martin Vaughan of Dow Jones Newswires on Nasdaq.com.