Repealing the Estate Tax?

About two percent, or fewer, of estates pay estate taxes. Yet, the estate tax brings in about $70 billion in tax revenues. Currently the estate tax effects estates valued at $1.5 million or more. Most estate planning focuses on taking advantage of the generous "stepped-up basis" provision in the tax code, which helps heirs avoid huge capital gains taxes. New York Times reporter Edmund Andrews focuses on the political battle to repeal the estate tax in his article, "Death Tax? Double Tax? For Most, It's No Tax" (free registration required).