New plan to axe estate tax already in the works

Just weeks after a Republican measure was defeated, a new one is emerging. The good news is that they're taking a "compromise" angle. And that means the GOP is worried about this one, because that isn't something they do unless it's a last resort.

House Ways and Means Committee Chairman Bill Thomas, R-Calif., introduced the bill after Senate Republican leader Bill Frist of Tennessee asked House GOP leaders for help reducing the estate tax before this fall's midterm elections.

Frist lost a bid this month to push forward legislation repealing the tax, unable to overcome opposition from most Democrats and a pair of Republicans.

Although the bill doesn't call for a permanent repeal the Paris Hilton tax after 2010, it would dramatically reduce the number of estates taxed and reduce the rate. Just in time to deal with issues like retiring baby boomers going on Social Security, the national debt, and so one. Luckily, as the GOP has taught all of us, when you cut Paris Hilton's taxes, she'll create a massive number of new jobs.