July 27th, 2010

Earnings, Money

It's Time to Fix the Estate Tax

From The

It’s been said that only death and taxes are certain. But the “death
tax” is anything but certain now. There’s no estate tax this
year—costing the Treasury billions–because Congress allowed it to

With less than a fortnight before Congress’s August recess, United for
a Fair Economy held a press conference call with a wonderfully
eclectic mix of participants—including former Treasury Secretary
Robert Rubin, AFL-CIO president Richard Trumka, heiress and filmmaker
Abigail Disney and hedge fund pioneer Julian Robertson—urging
reinstatement of “the most progressive tax in the code and the only
national tax on wealth.”

They are facing some stiff opposition. Sen. Jim DeMint (R-S.C.) was on
the Senate floor this week talking about heirs being forced to sell
their property and how reinstatement of the estate tax would cost 1.5
million jobs as well as the collapse of many family farms and small

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