Modest ambitions

Washington taxwriters seem to be coasting toward recess. Tax Analysts ($) reports today that Ways and Means and Senate Finance expect to deal only with incidental tax measures related to the energy bill, the farm bill, and the State Children's Health insurance Progam this summer, and not much else. Even the simple one-year patch for the AMT has been put off until the fall.

Conventional wisdom thus suggests that there will be no additional federal transfer tax legislation until after the next presidential election. At that time, in 2009, the taxwriters' minds will be focused by the scary prospect of a 2010 without federal estate tax.