FOR IMMEDIATE RELEASE: November 19, 2010
UFE Applauds Dem Leaders for Showing Spine on Top Tier Tax Cuts;
Believes Strong Estate Tax Needs to be Part of the Conversation
Farris, Lapham and Business Spokespeople Available for Comment
Boston, MA – Responding to reports that Democratic leaders will hold an up-or-down vote on extending middle class tax cuts but will also allow a vote on the McConnell tax plan, which includes complete repeal of the estate tax, United for a Fair Economy (UFE) today issued the following statement:
“It’s heartening to hear the Democrats finally sticking up for the people they represent. The wealthiest 2% in this country need this tax cut extended about as much as Washington needs more lobbyists. We deserve an up-or-down vote on middle class cuts,” said Mike Lapham, director of UFE’s Responsible Wealth project. “Tax cuts for the wealthy simply do not create jobs, so we need to stop acting like they do. We have a $700 billion opportunity to roll back the Bush cuts on the wealthiest 2% and use those funds to create jobs. Let’s keep the tax cuts for the other 98% who will spend them in the economy. I have to wonder about the agenda of anyone who would bypass this opportunity to get our country back on track.”
Lee Farris, UFE’s Estate Tax Policy Coordinator, added, “Senator McConnell’s plan to fully repeal the estate tax – at a cost of $698 billion over ten years – is reckless and out of tune with current fiscal reality. The estate tax has been the elephant in the room during these debates and repeal would be nothing but a giveaway to the wealthiest of the wealthy. Now is the time to pass permanent estate tax legislation at 2009 levels or stronger. How can anyone even suggest repealing the estate tax at a time like this?”
United for a Fair Economy has been working to preserve the estate tax and roll back the top tier Bush tax cuts since 2001. UFE supports the Sanders-Harkin-Whitehouse Responsible Estate Tax Act, which includes a $3.5 million exemption per spouse and a 45% rate on estates up to $10 million, with a graduated rate for estates above that size. The difference in revenue between the strongest estate tax proposal (Sanders) and the weakest (Kyl) is almost $200 billion, so the fate of the estate tax deserves serious attention.
United for a Fair Economy is a national, independent, nonpartisan, 501(c)(3) non-profit organization located in Boston, MA, which advocates for progressive economic and tax policies. More at www.FairEconomy.org.