ACTION ALERT: OPPOSE PERMANENT REPEAL OF THE ESTATE TAX
The House of Representatives will be voting on H.R. 8, the bill to repeal the federal estate tax, on this Wednesday or Thursday.
Call your Congressperson and tell her or him to VOTE NO ON H.R. 8, The Death Tax Repeal Permanency Act of 2003. It is fiscally irresponsible to eliminate the estate tax.
- The estate tax provides federal and state revenues that are used to provide community services, such as quality schools, staffed and equipped hospitals and police and fire departments, good roads, clean air and water, parks, and libraries. Repealing the estate tax would reduce federal revenue by $ 1 trillion over the next twenty years. To stave off as much harm as possible, many states are "decoupling" from the federal tax code to avoid state repeal of the estate tax.
- Repealing the estate tax would create a massive windfall for the country's wealthiest families, while preventing us from addressing the pressing needs of most Americans such as child care, jobs, health insurance and prescription drug coverage, and Social Security.
- Family farms and small businesses can be protected without repeal. Reforming the tax by raising the exemption level to $3.5 million per person NOW would remove vulnerable small farms and businesses from the burden the tax can create, and maintain the tax on the truly large fortunes.
- The estate tax is a transfer tax on the unearned inheritance of wealth; the majority of estates are appreciated assets which have never been taxed. If we tax wages, it is only fair to tax capital gains. The estate tax is NOT a "death tax" or "double taxation".
- The estate tax is one of the most progressive taxes we have.
- Our democracy cannot afford to increase the concentration of wealth and power in the hands of the rich, and widen the gap between them and the majority of working Americans.
- The estate tax stimulates charitable giving; repeal will reduce bequests and donations between 23 - 40% by removing the tax incentive to give.
- Most wealthy families can and do plan for the tax; farmers and businesses can pay it over 14 years, and receive special rates and deductions. This tax is not forcing small farms and businesses to close.
For more information about CAN, our public policy work, and joining CAN, go to www.CAnonprofits.org. Thank you for your time,