Unless you’ve been backwoods skiing and just made it back to your iPhone, you already know that both the Senate and House passed legislation that extends the $10 million per couple estate tax exemption and raises the rate to 40%. The good news? We still have an estate tax, and it's been strengthened for the first time in 28 years. The bad news? It's still not strong enough, and there's more to be done.
On Tuesday, December 11th, 2012, UFE's Responsible Wealth project hosted a national press teleconference to announce the first 36 prominent signers of the Responsible Estate Tax Proposal
Tell the your elected officials to preserve and strengthen the estate tax. In the face of the fiscal cliff, raising more revenue from the estate tax is the best solution to avoid painful cuts. Preserving vital social programs (like Head Start, food stamps, and community development block grants) is more important than tax breaks for the top 0.15% of Americans. But this isn’t just about the dollar figures. It’s about our shared values as a society and the creation of equal opportunities for everyone.
Robin Hood and his ragtag crew who took from the rich to give to the poor were simply serving justice in an unfair medieval economy. Today, feudal lords protected by high castle walls do not rule our economy, but we are again living in an age of extreme income and wealth inequality. A Robin Hood-like hero will not rescue us. Together, however, we can achieve truly heroic feats.
UFE and Responsible Wealth have been working on several fronts this month to spread word that the wealthiest Americans need to pay their fair share in taxes. Why? Because they've benefitted the most from our collective investments and should pay it forward so others have the opportunity to do the same. Here are a few highlights of the coverage we've earned through our various efforts.