Because of the exemptions, the tax actually effects relatively few estates -- fewer than 48,000 this year.
"There are very few estates on the Hudson waterfront that have been kept together," he said.
In addition, the compromise would reduce the tax rates on the few estates that would still be subject to a tax.
But many Democrats said the benefits of repealing the tax would go overwhelmingly to very few estates and the people inheriting them.
The tax is levied on relatively few estates -- fewer than 48,000 this year, or about 2percentt of all deaths -- but it is of concern to people and groups with tremendous political influence, including small-business owners, farmers and wealthy people generally.
But critics say her estate tax proposal represents a giveaway to the rich since very few estates built around small businesses or farms — always the poster children for repealing the estate tax — would actually be subject to the tax.
But since so few estates pay it, it's hard to see why the 96.5% of ordinary taxpayers who never leave enough to get above the £650,000 couples' inheritance tax allowance would not support ending this loophole for the rich.
Debt, death and divorce have traditionally kept them in business, but this spring with a robust economy and few estates available, there is a dearth of powerhouse collections whose withdrawal could severely damage the season.
