The House of Representatives has already voted overwhelmingly to phase out the estate and gift tax and the Senate is on the verge of doing so. President Clinton says he intends to veto the legislation, however.
Prominent economists fault the tax on a number of grounds.
It is an unfair tax on income that has already been taxed. It discourages work and savings. It is complex and imposes high compliance costs. Moreover, from a revenue standpoint it is self-defeating. So Clinton's objection to repeal on the grounds of revenue loss is indefensible.