The Death Tax Elimination Act of 2001 (H.R. 8) has passed the House, sending the vote on to the Senate with President Bush's support and congratulation on their "bipartisan cooperation." But opponents of the idea had other things to say.

Lloyd Dogett (D-TX) claimed that the same small business owners and farmers that Republicans had "paraded out" to gain support for the bill will see no benefit from it until 2011. An alternative (offered by Reps. Jenifer Dunn (R-WA) and Charles Rangel (D-NY)) to the phased-in repeal would have increased the current estate tax exclusion from $675,000 to $2 million as of January 1, 2001, but that bill was defeated 201-227.

Earl Pomeroy (D-ND) called H.R. 8 more of an "expression of intent" than a real repeal. "Are people really to believe that the next five Congresses won't revisit this issue?" Even if the repeal becomes law, since it will not take effect for ten years, Congress has plenty of time to change its mind. "The financial circumstances of our country [can] change significantly in 10 years as opposed to now. So we do not think it makes sense to deprive medium-sized estates of relief now in exchange for some promise that is delivered in 10 years."

Rangel, in defense of his alternative to H.R. 8, said that smaller estates would be "held hostage" under the Republicans' phased-in repeal. "I think it is the Republican health plan. Don't die within the next 10 years if you want to take care of your kids in your estate."

Doom and gloom aside, no matter what Congress does with the current estate and gift tax system, there will still be death, there will still be taxes, and there will still be tools available to the taxpayer to minimize the tax damage. So, don't let the uncertainty of the times keep you from executing a solid estate plan.