Bush supports repeal of the estate tax. Yet passage in the lower house is a strong indication that the estate tax may be doomed. Even some members of the Congressional Black Caucus voted for repeal because of the efforts of the National Black Chamber of Commerce and other minority business groups that view the law as a barrier to building wealth in their communities. The estate tax dates back to 1916 and was aimed at stemming the consolidation of giant fortunes. But it has had the unintended effect of forcing the sale of farms and other small family businesses.
Opponents contend that owners of small businesses and farmers continue to be victimized.
The best outcome might be not outright repeal but further raising of the tax threshold and other revisions.