The Wall Street Journal has an excellent article by Laura Saunders and Mary Pilon entitled, “Too Rich to Live.” The article shares this author’s concern that the transition at midnight on January 1st from no estate tax to an estate tax with only a $1,000,000 exemption gives the incentive to rich folk to commit suicide. It also shares my opinion that it is presently impossible to predict what, if anything, Congress and the President are doing to do about the estate tax.
They share my view that Congress has relatively few working days left in the year (only 40) because of the mid-term election, they have more pressing issues to address, and they are unlikely to address such a volatile topic so close to an election. Hence, if they do anything it is now appearing it will be after the November election during the lame duck session.
The article can be found at http://online.wsj.com/article /SB10001424052748703609004575355572928371574.html
By Kevin Staker