Tell the Senate: Don't Gut the Estate Tax

November 21, 2009 Subject: Dear Senator: I am writing to express my strong opposition to proposals to repeal the estate tax or “reform” it in ways that would render it meaningless. I understand the Senate will take up estate tax repeal and possibly vote on Senator Kyl’s “reform” proposal after the Memorial Day recess. Repealing the estate tax would slash federal revenues that are needed to meet critical challenges. Full repeal would cost nearly $1 trillion during the first full ten years (2012 to 2021), adding to the nation’s high deficits. Essential services for vulnerable populations are already being cut, including Medicaid, child support, and student loans; the nation also faces fiscal challenges posed by an aging population, rising health care costs, unmet education needs, Social Security insolvency, and homeland security. Meeting these challenges will be much more difficult if the estate tax is repealed or “reformed” in a way that loses nearly as much revenue as repeal. Indeed, I am concerned that some estate tax “reform” proposals are simply a back-door means by which to repeal the tax. For example, Sen. Kyl's plan to exempt the first $10 million of a married couple’s estate from the tax ($5 million for an individual) and to tax the remainder at 15 percent, the current capital gains rate, is unacceptable. Such a proposal would cost 84 percent as much as repealing the estate tax entirely, and thus is irresponsible just like permanent repeal in both its fiscal impact and its policy direction. At a time when our country is struggling to curb the growth of deficits and is debating deep cuts in assistance for the most vulnerable populations, we do not need an irresponsible tax cut for the very wealthiest Americans. In fact, neither do the vast majority of the American people as a recent national survey found fewer than one in four (23 percent) favored repealing the estate tax. I urge you to support fiscal discipline and fairness by voting against both permanent repeal of the estate tax and irresponsible “reform” proposals that would be nearly as costly and would weaken our nation’s charities. Sincerely, We will add your signature from the information you provide.		First Name* Last Name* Email* Street* Street 2 City* State/Province* Select a state Alabama Alaska American Samoa Arizona Arkansas California Colorado Connecticut Delaware D.C. Florida Georgia Guam Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Northern Mariana Islands Ohio Oklahoma Oregon Pennsylvania Puerto Rico Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virgin Islands Virginia Washington West Virginia Wisconsin Wyoming Armed Forces (the) Americas Armed Forces Europe Armed Forces Pacific Alberta British Columbia Manitoba Newfoundland New Brunswick Nova Scotia Northwest Territories Nunavut Ontario Prince Edward Island Quebec Saskatchewan Yukon Territory Other Zip/Postal Code* Send an Email Send a Fax Add me to the following list(s): The Opportunity For All Campaign