Estate Tax

On the release of the latest Forbes list of the world's billionaires, Responsible Wealth Project Director, Mike Lapham, was on the air with WBAI Pacifica radio's Andrea Sears to discuss why the richest Americans are better able to weather an economic recession, and how some grow even wealthier as a result.

Republican Senators are wielding estate tax legislation as a weapon to hold a jobs bill hostage, placing millions of unemployed Americans at risk of losing even more than they already have. Robert Frank asks readers to consider whether this is fair and cites a statement by UFE's Lee Farris.

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Senators Kyl and Grassley seem prepared to block debate on extending unemployment benefits in order for a weakened estate tax law to become permanent, essentially holding unemployed Americans hostage as they bargain for another trillion-dollar tax giveaway to the rich.

Senator Maria Cantwell (D-WA) is considering a proposal to weaken the permanent estate tax law by allowing wealthy taxpayers to pre-pay their estate tax with a 35% tax rate while living, in return for having no exemption. We need Washingtonians to send her a message - sign onto our letter now!

Brian Miller writes about why the federal estate tax is such a crucial source of revenue for a Main Street recovery. Read more in this San Antonio Express-News op-ed.

The Senate dropped a ball they've carried for 8 years, and George W. Bush's ill-advised 2001 tax law, which allowed the estate tax to vanish in 2010, has officially kicked in. In this AFP article, UFE's Lee Farris comments on the unfortunate situation we're in, and urges lawmakers to act quickly to reinstate the tax.

Today, Lee Farris hopped on the mic to talk about the fate of the estate tax on WBAI's Talk Back! with Hugh Hamilton in New York City. Listen to the interview here.

PRESS RELEASE: "On New Year's Day, the estate tax, which has been part of the US tax system for nearly 100 years, will disappear due to the failure of the Senate to pass an extension in December. Now, Congressional leaders are pledging to act in early 2010 to reinstate the federal estate tax, making it retroactive to January 1, 2010, an action supported by United for a Fair Economy (UFE)."

The estate tax battle simmers on, and with expiration coming in a few short days, Congress will have to act quickly to reinstate it retroactive to Jan. 1st. UFE's Brian Miller writes about why we can't let the estate tax fade away in 2010.