Attack on the Estate Tax

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A link that’s sort of buried in Kevin Drum’s (very good) post on the estate tax is worth dredging up and highlighting. According to a recent report by Public Citizen and United for a Fair Economy, the campaign to repeal the estate tax has been largely financed over the past ten years by some 18 families worth $185.5 billion. The families have spent $490 million on lobbying efforts, and stand to gain some $72 billion from a permanent repeal, which is currently being considered by the Senate. Clever way to invest, I’d say.

Anyway, about a year ago I looked at the actual campaign to repeal the estate tax, which has always been short on facts and long on emotional appeals. Indeed, it’s not even clear that facts—such as the idea that only a handful of small businesses and millionaires pay the tax, or the fact that repealing it would cost the treasury a staggering $1 trillion over the next decade—play much of a role in this debate. There are modest ways to reform the estate tax, such that, as Kevin says, “the Paris Hiltons of the world would still end up paying no more on their inheritances than most middle-class workers pay on their ordinary income.” The people behind the repeal, of course, would rather pay nothing at all, and are certainly willing to spend the money to get there.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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