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UFE Faces the Heritage Foundation on the Estate Tax
June 16, 2010
Original publication: Illinois Business Journal
Date of publication: June 1, 2010
Point: Why America Needs a Strong Estate Tax
By Lee Farris
"America is a tremendous nation that faces huge challenges over the coming years. Millions have lost their jobs and homes during this economic crisis, and our nation’s long-term budget is on an unsustainable path.
Despite these facts, there are still some who want to end the estate tax, which would amount
to yet another irresponsible tax break for the wealthy. Sadly, for some of our elected leaders, like Senators Kyl and Lincoln, passing new tax cuts for wealthy trust fund heirs is a higher priority than revitalizing our economy or balancing our budget.
Why do we need an estate tax? Our government plays a vital role in promoting individual opportunity and national prosperity. Simply put, taxes are the price we pay to live in a stable, secure and thriving society with a decent quality of life. The estate tax generates billions in revenue from those most able to pay. The wealthiest Americans have benefitted the most from the investments that our country has made in an educated workforce, reliable transportation, technology and a legal system that makes commerce possible.
Middle class Americans are finding fewer opportunities for success because education and other paths to advancement are increasingly out of reach. The estate tax helps to even the playing field by slowing the concentration of power in the hands of those born into great wealth. [...]"
Read the full op-ed by Lee Farris (PDF 1.1 MB) - see p. 8
Read the Counterpoint by William Beach (PDF 260 KB) - see p. 9