I have often lamented that the lack of permanency of tax laws is doing a huge disservice to the American population. We all have to pay our "fair share" of taxes. However, we don't need to pay more. These constant temporary tax laws make it near impossible to determine what "fair" is. Part of the concept of equity and paying taxes is that the taxpayer should have an opportunity to know what the rules are in advance so that they can plan accordingly to pay what ever that minimum fair share is.
Permanent estate and gift tax laws may be on the way. On July 17, Senate Majority Leader Harry Reid introduced the "Middle Class Tax Cut Act,". Title II addresses estate tax relief. It proposes for 2013 and moving forward:
The proposed Middle Class Tax Cut Act also reflects the Obama' Administration's plan to extend through 2013 the "Bush Tax Cuts" (ie: the 2001 (EGTRRA) and 2003 (JGTRRA) tax cuts) for taxpayers other than "higher income" taxpayers (generally, those making over $250,000 for marrieds, and over $200,000 for single ). Also proposed in the legislation: