Paying for Estate Tax Reform

Last time we tuned in, legislation to replace the stiff old federal estate tax, now scheduled to emerge from the dead next year, had foundered. Some Senators want a less onerous estate tax to be "paid for," presumably with increases in other taxes or cuts in federal spending.

New York State's two Senators, the New York Post reports, favor a different approach. They too want estate tax reform to be paid for – but with reductions in the federal income tax!

Great idea! Then the Senate could start worrying about how the income tax cuts are to be "paid for."

(With oil still spilling and with bankruptcy threatening a growing list of towns, cities and even nations, aren't you glad we have Congress for comic relief?)