Paul Krugman: The Delay Principle

--The New York Times, June 9, 2006

The federal estate tax had its origins in war. As America moved toward involvement in World War I, Congress - facing a loss of tariff revenue, but also believing that the most privileged members of society should help pay for the nation's military effort - passed the Emergency Revenue Act of 1916, which included a tax on large inheritances.

But today's Congressional leaders have a very different view about wartime priorities. "Nothing is more important in the face of a war than cutting taxes," declared Tom DeLay, the former House majority leader, in 2003.