"New York Yankees owner George Steinbrenner and hundreds of other multimillionaires (and some billionaires, like Steinbrenner) who have passed away this year disproved the old adage, 'the only two things certain in life are death and taxes.' [...]
The federal estate tax that in the past applied to multimillion-dollar fortunes fully expired at the end of 2009, after President George W. Bush’s 2001 $1.35 trillion tax cut package for the wealthy exempted larger and larger estates from the levy each year.
Today, AFL-CIO President Richard Trumka, former Treasury Secretary Robert Rubin, philanthropist and Walt Disney heir Abigail Disney and others called for a reinstatement of the tax.
During a telephone press conference sponsored today by United for a Fair Economy (UFE), Trumka said:
'Today, the Bush tax cuts for the wealthy, the suspension of the estate tax and other policies favoring the super-rich are key contributors to our nation’s budget deficits.
Our nation desperately needs revenue to invest in job growth, education, health and infrastructure.' [...]
The AFL-CIO, UFE and others on the call said the estate tax should be restored at its 2009 levels or stronger. [...]"
Read the full column by Mike Hall on the AFL-CIO News Blog