Looking ahead on the tax front, the House, Senate and President have all put forward budgets. All sides are doing their best to appear willing to compromise, but before a unified budget is passed, House Republicans, Senate Democrats and the Administration will all have to agree on the specifics. In other words, it’s unlikely that anything will happen soon.
Unless you’ve been backwoods skiing and just made it back to your iPhone, you already know that both the Senate and House passed legislation that extends the $10 million per couple estate tax exemption and raises the rate to 40%. The good news? We still have an estate tax, and it's been strengthened for the first time in 28 years. The bad news? It's still not strong enough, and there's more to be done.
On Tuesday, December 11th, 2012, UFE's Responsible Wealth project hosted a national press teleconference to announce the first 36 prominent signers of the Responsible Estate Tax Proposal
Tell the your elected officials to preserve and strengthen the estate tax. In the face of the fiscal cliff, raising more revenue from the estate tax is the best solution to avoid painful cuts. Preserving vital social programs (like Head Start, food stamps, and community development block grants) is more important than tax breaks for the top 0.15% of Americans. But this isn’t just about the dollar figures. It’s about our shared values as a society and the creation of equal opportunities for everyone.
Robin Hood and his ragtag crew who took from the rich to give to the poor were simply serving justice in an unfair medieval economy. Today, feudal lords protected by high castle walls do not rule our economy, but we are again living in an age of extreme income and wealth inequality. A Robin Hood-like hero will not rescue us. Together, however, we can achieve truly heroic feats.