"This past Friday, New Years Day, 2010, the estate tax, which has been a part of the U.S. tax system for nearly a century, officially disappeared due to the Senate's failure to pass an extension last month. Now, Congressional leaders say that they will act swiftly to reinstate the tax, and to make it retroactive to January 1st of this year.
The action is supported by...United for a Fair Economy, which explains that permanent repeal of the estate tax would increase the federal deficit by $1.3 trillion dollars over 10 years. Those taxes would likely then be shifted from multi-millionaire inheritors to the middle class, at a time when middle class families are losing their jobs and homes."
Listen to the interview on WBAI.org (forward to mid-point for Hugh Hamilton's segment with UFE's Lee Farris).