Today’s New York Times editorializes against Republican efforts to repeal the Estate Tax:

A critical mass of senators has apparently realized, to their credit, that abolishing the estate tax would be unforgivably reckless, in large part because it would cost an estimated $745 billion during the first 10 years of repeal – revenue that would have to be made up by borrowing, slashing government services or raising taxes elsewhere. And who would benefit? At most, the richest 2 percent of American families….

The higher the estate tax exemption, the higher the rate must be to keep the tax fair. The senators who have thus far opposed repeal would do the country a further service by crafting a true reform – such as a $2 million exemption and a rate of 45% – and then moving on to more pressing matters than tax cuts for America’s wealthiest families