Should the estate tax be repealed?The Coalition on Human Needs is urging people to join them in telling Congress that repealing the estate tax will hurt children and families.
Congress is considering a trillion-dollar tax cut -- mainly to millionaires -- while it is cutting health care, food assistance and many other services for vulnerable people. Congress may slash Medicaid by $10 billion, and food stamps are also threatened. Eliminating the estate tax will seriously imperil the ability of the federal government to provide nutrition assistance, after-school services, child care help, education, workforce development and many other services to our communities.
Today, the estates of fewer than 1 out of every 100 people who die owe any estate tax whatsoever, because the first $1.5 million is totally exempt from the tax. Last year, only 340 estates in the entire nation that consisted primarily of a farm or business worth less than $5 million were subject to any estate tax at all.
A vote is expected before the August recess.
The Center for Budget Policy and Priorities has a lot of informative material about the estate tax, including a paper debunking many myths here and a slideshow here.
And check out the June 28 comments by The Last Liberal in Central Florida.