Jul 7, 2005

"Few people are affected, but the payoff is great" [LINK]

Stellar economic reasoning in a letter to the Boston Globe:

There is a movement in Congress to repeal the estate tax, or reduce it by 80 to 90 percent. That's $1 trillion over 10 years that could be used to finance public education, healthcare for the elderly, better benefits for our soldiers, a safety net for workers whose jobs have been outsourced, and many more of our community's needs.

In 2001, when the estate tax was at full strength, only 2 percent of all estates paid the tax. This amounted to only 52,000 people in the entire United States. Few people are affected, but the payoff is great. The estate tax generates enough revenue to provide health coverage to 22 million children. Currently, there are 10 million uninsured children in the United States.

The estate tax was created for a purpose. It ensures that the small percentage of wealthy taxpayers who have the resources to legally avoid paying all sorts of other taxes pay their fair share and contribute to our national well-being.

Fair is fair. We need the estate tax. Our senators should be looking out for all of us, not just the few who are lucky enough to be wealthy.

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