A Bad News, Good News Tax Bill?

If tax legislation goes as planned, couples making more than $250,000 a year will see their income taxes rise when other Bush tax cuts are extended. Senate Finance Chairman Max Baucus (D-Mont.) has in idea for making that income tax hike more palatable, The Hill's On Your Money reports. The extender bill will include a new, gentler federal estate tax. Thus, upper-income taxpayers will no longer face the risk of having their estates chewed up by the harsh old estate tax now scheduled for 2011.

How happy will this make upper-income taxpayers? Outbreaks of dancing in the street seem unlikely.