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The reduced value of the property means heirs pay lower estate taxes when the owner dies.
The continuation of these tax cuts, including a lower estate tax rate, accounts for almost $400bn of the $900bn.
Ms. Lincoln, who had previously pressed for a lower estate tax, issued a statement this week praising the agreement, claiming it would aid farmers and small-business owners.
And, venturing into the surrounding swaths of urban decay, perhaps the Republicans will notice that the residents spend almost no time clamoring for lower estate taxes or worrying about the imminent threat from North Korea.
Piketty and Saez (pdf) tell the tale: A gigantic tax cut for the top 0.01 percent, mainly coming from lower corporate taxes (with an assist from lower estate taxes).
So, too, a lower estate tax exemption (for example, $1 million), coupled with lower progressive estate tax rates and a return of the state death tax credit, would also foster a perception of fairness.
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In the 2010 year-end tax-cut deal, the Obama administration insisted on extending the refundable tax credits for the poor; resistant Republicans said they would go along only if the White House accepted two years of lower estate-tax rates.
After he had suppressed his aristocratic opposition, Charles relied on the political support of the lower estates.
The king's renunciation of this agreement provoked a civil war in which Charles had the support of the lower estates against the royal armies and the nobility.
In response, Gustav appealed to the three lower estates (clergy, burghers, peasants) of the Riksdag and in 1789 established a new constitution that augmented the royal authority.
The lower estates were also essentially powerless against the Danes, and isolated peasant uprisings had neither good leadership nor clear political goals.
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