This paper is an edited transcript of the Lloyd Leva Plaine Distinguished Lecture, delivered at the University of Miami’s Heckerling Estate Planning Institute on January 11, 2011. It reviews the history of the estate tax, discusses the politics of its bizarre repeal for the year 2010 only, and outlines the forces that led to reinstatement of the tax for 2011 and 2012 with a $5 million exemption and 35 percent top rate. The paper makes clear that the coalition pushing for repeal of the estate tax will continue to work to eliminate it and also explores potential broader implications of the repeal effort.
Michael J. Graetz,
The Politics and Policy of the Estate Tax – Past, Present, and Future,
Yale Law School John M. Olin Center for Studies in Law, Economics & Public Policy Research Paper No. 425
Available at: https://scholarship.law.columbia.edu/faculty_scholarship/2554