Thursday, December 13, 2012
More than 30 of the wealthiest Americans wrote a letter to Congress and the Obama administration arguing that the estate tax should be raised. Several of those millionaires, members of the Responsible Wealth Coalition, were featured at a news conference yesterday. They propose setting the estate tax threshold at $2 million for individuals and $4 million for couples. The millionaires spoke about how they believe that there should be a significant tax on large estates when they are passed onto the next generation. They echoed Abigail Disney’s sentiment of not wanting to compound their already significant advantages on the backs of the middle class. A high estate tax like this ensures that the wealth is not perpetually concentrated in the hands of a small aristocracy and also encourages charitable contributions.
See Isaiah J. Poole, Millionaires Defend the Estate Tax, Truthout, Dec. 12, 2012.