Carryover basis

Democrats are beginning to play the carryover basis card in their fight to retain the federal estate tax. During the House debate on estate tax repeal, they argued that 7,50o families will gain each year from estate tax repeal, while 71,000 will lose through the elimination of basis step-up. The arguements are outlined in this Washington Post item by Albert Crenshaw.

For a sense of how the public is responding to the debate over death taxes, see this Larry Kudlow post and its associated comments.