Representative Linda Sanchez (D-CA) introduced a new estate tax proposal in the House of Representatives. The specifics are very similar to the Responsible Estate Tax Act (S.3533) introduced in the Senate in late June.
It is a good bill. Representative Jim McDermott's Sensible Estate Tax Act (HR 2023) is still the best proposal in the House. It stays closest to the AFET guidelines for good estate tax reform. However, the release of matching proposals in the House and Senate from Sanchez and Sanders, looks like a sign that progressive lawmakers are serious about fighting for a strong estate tax.
The good news is that the American public strongly favors higher taxes on the rich, poll afterpoll after poll (pdf, page 16) backs up that fact. The estate tax, of course, is paid exclusively by millionaires, which is exactly the kind of tax the public wants. And, we're rallying more support for our nation's most progressive tax.
Stay tuned for more news coming out of our press conference on July 21st.