The estate tax isn't repealed until 2010. And the whole law expires Dec. 31, 2010. Everything would go back to where it is today. To understand what's going on here, let's assume the tax cut really takes place just as the law was written. Then, come 2011, the charade comes to an abrupt end.
Tax rates go back up, the estate tax reappears, and the marriage penalty resumes.
Unfortunately, the problems with this bill don't end with the financial sleight of hand. Think about what this structure means for the economy. Larry Lindsey, the White House's top economic adviser, likes to promote this bill as the tax cut for all seasons. Let's get real. Look at how the tax cuts for upper-bracket folks are handled.