Democrats lose big in House. Republicans make some gains in Senate. Still it takes 60 votes in Senate to do anything.
Much to my surprise Harry Reid not tossed out by voters. Reason- Angle just too extreme. So he will still be Senate Majority Leader. So what will happen?
Very difficult to predict. However, may I give it a shot:
President and Republicans will continue to play chicken. President will say will only sign bill with tax cuts for the middle class. Republicans will say no, cuts for all. I believe both sides will blink and extend cuts for all for a year or two.
Relevant prediction here: estate tax fix is left out of compromise. They will want to keep it simple. Or may be fixed for only the one or two years (at $3.5 million exemption and 45 percent rate).
Hence, for an estate planning attorney, such as me, the uncertainty will likely continue.
By Kevin Staker