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If you represent the super-wealthy, who have long-standing family businesses that may never be sold, a death in 2010 could bring unprecedented tax relief.  Why is that?  When the Economic Growth and Tax Relief Reconciliation Act was passed in 2001, it contained a provision that eliminated estate taxes for 2010, and only 2010.  No one thought that Congress would just forget about it.  But, they did!

Thus, if Robert Smith, the sole owner of a $50 Million national food chain, passes away in 2010, leaving his entire net worth to his only child, Robert's estate would have owed $20,925,000 in federal estate taxes, and the payment would have been expected to be made within the nine months following Robert's death.  A payment of that size could have put the national food chain in grave jeopardy, in light of our national recession.

So if no estate tax is good, what, if anything, is bad about it?  The only downside of not having a federal estate tax is that Robert's son gets a limited carry-over basis on assets that he receives from his father's estate of no more than $1.3 Million.  Thus, if he later decides to sell the assets he will be subjected to an income tax liability on each sale.  However, in his son's case, in that he is currently running the family business and has no plans to sell it, it is a win-win situation - the business stays intact and is not weighed down by a huge federal estate tax liability.  In the end, the only entity that loses is the federal government.