Without Congressional action, the federal estate tax returns in 26 days. The malpractice continues.

In a 12-30-09 post entitled "I have said many times that it would not happen. It did. All agree Congress is guilty of malpractice as it allows a temporary lapse in the estate tax," I wrote:

The U.S. Congress ought to be ashamed of itself. Beginning Friday, January 1, 2010, the estate tax goes away for a year.

Under current laws in effect until the end of this year, the size of the exemption (or amount a person may die without owing any federal estate tax) is $3.5 million per individual or up to $7 million per couple. Going to no tax is terrible.

There is an expectation that Congress will pass an estate tax next year and make it retroactive to January 1, but who knows if that will work, and as Congress has proved this year, what do expectations amount to.

Shame on you Congress!!

The malpractice continues as the estate tax returns on January 1, 2011 if inaction by Congress continues, but with a much tougher bite.

From today's The Wall Street Journal:

Overlooked in the brawl over expiring Bush-era tax rates is what will happen to the death tax. Without action in the lame duck Congress, the estate tax will rise from the dead on January 1 with a vengeance, the rate climbing back to 55% from zero this year.