Conservatives love to refer to the impact that the estate tax has on small businesses and farmers, which has led to preposterous titles for legislation, such as the Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act. But in 2009 some 80 - 80! - small businesses and farms are likely to owe estate tax. Most of the tax will be paid by extremely wealthy individuals: the top 5 percent of earners pay 76 percent of the tax. In other words, conservatives use a handful of farmers and small businesses to cover for 5,500 wealthy taxpayers who would benefit most from repeal.

Dust is being kicked up now because the House will likely pass, with White House approval, legislation that raises the minimum exemption from the law and lowers the top tax rate. There will be much talk that this fix is necessary because of a Bush era tax law that, for one year only (2010), abolishes the estate tax completely. Surely the fix is needed. But what will be mentioned much less is that in 2011 the estate tax will revert back to (recent) historical levels: it will apply at a top 60 percent rate to households making above $1 million, well within our idea of the "wealthy." Although around 40,000 more households would be subject to the tax, 99.9% of these households would be millionaires (and only 2,500 would be small farms and businesses).

By passing the legislation, however, Congress would not only be aiding the wealthiest households who have survived the current economic downturn, but would be adding to the budget deficit - $234 billion, in fact - at a time when all we hear is that the deficit must be reduced. If only the Blue Dogs were paying attention!

Perhaps worst, though, is that Congress is expert at adopting short-term, stop-gap measures. Why not just fix the estate tax for one year and then let the clock expire, allowing the estate tax top rate and exemption to reset to their former, higher levels? Congress need not even vote for this to happen.

Progressives are often quieted with hush-hushes about political impossibilities and budget deficits. Well, allowing the estate tax to reset in 2011 is a smart, cost-efficient, equitable move well-suited to an era of scarce political courage.