Larry Kudlow wrote a great piece on National Review Online, and is right on the money, as usual. Unfortunately, it looks like those who engage in class warfare were successful this time around. What were lawmakers thinking when they set up the death tax to go away in 2010, and then come back with a vengeance (i.e. return to original levels) in 2011? As some other commentators have noted, this absurdly means that the optimal year of death is 2010, from a tax perspective.
What a surprise that Republican Senators Linc Chafee and George Voinovich sided with the Democrats in defeating the total repeal (for now).