Effects of the Federal Estate Tax on Farms and Small Businesses

[Roland99]

Just noticed this was on the CBO site:

http://www.cbo.gov/ftpdoc.cfm?index=6512&type=1


Haven't had time to read beyond the title, though. Any tax/economic experts want to dig in?

[xray s]

1. One thing that will shake their Republican socks

The new estate tax law would eliminate the automatic valuation step up on capital gains. That means they will have to go through all the records and try to calculate capital gains on the estate and pay taxes on it. A fine thing to have to do when your dad just died.

Should make a lot of money for lawyers and tax accountants.

The old law was a good one. These doofuses don't know what BushCo just sold them in order to give people like Paris Hilton a big fat tax cut.

[RobertSeattle]

2. Great bedtime reading...

...Not

I think I'll wait for someone much smart at economics and tax theory to digest this.

[Roland99]

3. Kick for the morning crew