Estate tax battle taking shape

Estate tax battle taking shape: "WASHINGTON -- Tax reform, a top priority of the Bush administration, faded from the political stage as the nation became embroiled in a battle over Social Security.

But the issue soon will re-emerge as Congress resumes debate over whether it should permanently repeal the estate tax imposed when people die and leave their assets to their heirs. In 2001, Congress voted to reduce the tax until it is eliminated in 2010. But it is set to return in 2011.
House and Senate members have proposed bills for permanent repeal, and House members could take action as early as next week.
Business owners label the tax the 'death tax,' saying it hampers the transfer of family businesses among generations. An increasingly vocal group of opponents, however, says permanent repeal would benefit mainly the wealthiest Americans and would be irresponsible in a time of a mounting federal deficit.
Businesses have lobbied for years to strike the estate tax from federal law, and they're gearing up for a tough battle to obtain the 60 Senate votes they need. The question is how budget politics will intersect with tax policy-making.