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Take Action Now To Preserve the Estate Tax

Action Needed: Don't Let Your Senator Be Blackmailed; Keep the Estate Tax Intact
Majority Leader Bill Frist (R-TN) was unable to repeal the estate twice this year, but he's back at it again. This time he's teamed up with the House GOP leadership, and they have resorted to political blackmail by attaching a hefty estate tax cut with a minimum wage increase and a popular package of other tax cuts known as "extenders". This bill combining three different proposals is being called the "trifecta" bill and is nothing more than a cynical election-season ploy to get Senate Democrats to vote for slashing the estate tax by combining it with a long-held Democratic priority: a minimum wage increase.

The House's new proposal would gut 80 percent (over $800billion over ten years) of the revenue lost under full repeal and is therefore no different from earlier so-called "compromise" proposals. This plan would do little more than effectively gut the estate tax.

Eliminating or drastically reducing the estate tax would not only pad the pockets of the rich but it would also be a huge blow to charitable giving. We are currently facing the growing fiscal challenges of an aging population, rising health care costs, unmet education needs, homeland security, and reconstruction efforts, and a healthy balance of revenues and expenditures is critical in order to meet these needs. If the current plan is implemented, the revenue loss will be made up by an eventual tax hike on lower and middle-income taxpayers and/or by cutting services that families depend on.

Sen. Frist tried and failed to pass the "trifecta" bill, but he has not yet given up the possibility that he will make the Senate will vote on it again. You've helped us preserve this estate tax this long and we know with your help now we can beat back this last sinister effort to do it one more time. Please call your Senators (or send an email below) and ask them to oppose the "trifecta" estate tax-minimum wage bill (H.R. 5970). For more information about why estate tax repeal is a bad idea, see these estate tax talking points.

TAKE ACTION!

Take action today by calling your Senators toll-free at 800.459.1887.

When you are done on the phone, send a quick email using the form below to make sure the Senator gets the message to preserve the estate tax!

>>Learn More

September 02, 2010

Subject:

Dear Senator,

I am writing to express my strong opposition to proposals that would irresponsibly “reform” the estate tax. Specifically, I would like to urge you to vote no on the "trifecta" bill H.R. 5970 when it comes up in the Senate this week. I oppose the Senate's repeated efforts to waste time debating this issue when repeal efforts have been largely driven by myths, distortions, and outright lies about the tax. This latest cynical ploy to link the estate tax with a minimum wage increase is reprehensible and I support you in rejecting these attempts at political blackmail. Drastic reform of the estate tax – like those proposed in H.R. 5970 - would severely reduce federal revenues that are urgently needed to meet critical challenges and curb record deficits. H.R. 5970 would cost over $800 billion during the first ten years of extension (2012 to 2021) and an additional $200 billion in added interest payments. This loss of revenue would add to deficits that are already at record levels. Programs for vulnerable populations are already being cut. And the nation faces the growing fiscal challenges of an aging population, rising health care costs, unmet education needs, and homeland security. Repeal of the estate tax would benefit only a small number of extremely wealthy estates. Currently, only estates larger than $2 million for an individual ($4 million for a couple) are subject to the estate tax; only about one percent of estates pay any estate tax at all. The estate tax is the most progressive part of the overall tax system; significant reduction will shift the tax burden to middle class and working Americans. We cannot afford another costly tax cut that benefits only the wealthiest few. In addition, proposals to gut the estate tax would devastate an important incentive in the tax code for charitable giving. The donations made under this incentive cannot be replaced by charities and the effect of such losses on organizations receiving support from bequests and foundations—an enormous variety of organizations from soup kitchens to universities—will be debilitating. At a time when our country is facing steep deficits as we struggle to rebuild after the hurricane disasters, a tax cut for the super-wealthy should not be a priority for the Senate. The Senate was right when it decided two weeks ago to not even discuss the estate tax issue and move to more pressing business. Senators should not have to accept an unnecessary and unpopular tax break for the wealthiest Americans just to give a small wage increase to millions of low-income families. We urge you to keep fiscal discipline, fairness and compassion in mind and oppose any efforts to return once again to the estate tax issue - a topic that has long since worn out its welcome in the Senate.
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