Business lobbyists are about to get something they've always said they wanted - the elimination of the estate tax in 2010. But they aren't happy.
If Congress doesn't act, the tax soars back up to 55% in 2011, and plenty of politicians want to see it reinstated in 2010. The lack of certainty has everyone unsettled.
“I think we all were really hopeful that everyone would come together and find that sweet spot that everyone could accept,” said Dena Battle, director of tax policy for the National Association of Manufacturers.
In the new year, lobbyists expect a rare effort to retroactively tweak the tax, which many are prepared to fight. . "I think there is going to be a significant effort to try and get this matter resolved early on," Battle said. Chris Walters, manager for legislative affairs for the National Federation of Independent Business, said that “any tax increase that’s retroactive is unacceptable.”