|
John,
We’re told by congressional Republicans that the federal government can’t afford to fully fund critical programs―from Social Security, Medicare, and Medicaid to child care, college aid and housing assistance. But we know that when the wealthy and corporations pay their fair share, we can support seniors, working families, and vulnerable communities.
One critical tax, which is the only federal curb on dynastic wealth, is the estate tax. But over the last 40 years, the estate tax has been whittled down to only apply to estates worth more than $12 million. And, the tax rate has been cut virtually in half from 77% to just 40%.[1]
As a result, America’s wealthiest families are set to pass $21 trillion on to their heirs over the next two decades virtually tax free.[2] But for some in Congress, that’s still not enough:
Donate today to keep the pressure on Congress to reject the Republican attempt to abolish the estate tax. Instead of letting millionaires and billionaires off the hook, we should be strengthening the estate tax in order to invest in working families and our future.
We’ve already sent 16,000 letters from online activists like you to senators to oppose this new Republican legislation. But we need to keep the pressure on and make sure family dynasties are paying more of their fair share.
Thank you for being a critical part of our national grassroots network.
Maura Quint
Campaign Director
Americans for Tax Fairness Action Fund
[1] “Estate Tax Exemption Amount Goes Up for 2023,” Kiplinger, Oct. 19, 2022
[2] “Dynasty Trusts: Giant Tax Loopholes that supercharge wealth accumulation,” Americans for Tax Fairness, Feb. 1, 2022
-- Frank's email --
John,
The estate tax is a very progressive tax that curbs the accumulation of dynastic wealth. It is paid by about 1,900 very rich families each year―THAT’S ALL![1]
But over the last 40 years, Congress has chipped away at it, cutting the tax rate virtually in half from 77% to just 40%. And, they’ve raised the threshold so the tax would only apply to estates worth roughly $12 million or more.[2]
But that’s not enough for Senate Republicans:
Senator John Thune (R-SD)―the second-highest ranking senator―has introduced a bill that would completely eliminate the estate tax, and he already has 40 Republican co-sponsors. That’s why, this week, we jumped into action, directing nearly 16,000 letters from online activists like you directly to senators demanding they strengthen, not abolish, the estate tax.
Donate today to keep the pressure on the Senate to reject this dangerous Republican bill that’s a massive handout to a handful of America’s wealthiest families.
During the last session of Congress, Sen. Bernie Sanders introduced legislation, which would lower the threshold from when an estate has to pay the tax from roughly $12 million for an individual to $3.5 million. That would still leave 99.5% of all estates tax-free. Sen. Sanders would also raise the base estate tax rate from 40% to 45%, increasing gradually up to 65% for estates above $1 billion.[3]
As a presidential candidate, President Biden also proposed lowering the exemption threshold to $3.5 million for an individual and $7 million for a couple.[4]
According to Americans for Tax Fairness research, family dynasties like the Waltons and Kochs are set to pass $21 trillion on to their heirs over the next two decades virtually tax free.[5]
Fight back against this massive accumulation of wealth among the very richest families. Rush a contribution today to demand the Senate strengthen, not cut, the estate tax.
If you've saved your payment information with ActBlue Express, your secure donation will go through immediately:
Together, we’re fighting for a tax system that puts working people, not millionaires and billionaires, first.
Thank you,
Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund
[1] “Briefing Book: How Many People Pay the Estate Tax?,” Tax Policy Center, accessed April 4, 2023
[2] “Estate Tax Exemption Amount Goes Up for 2023,” Kiplinger, Oct. 19, 2022
[3] “For the 99.5% Act: Summary of Sen. Bernie Sanders’ legislation to tax the fortunes of the top 0.5%,” Office of Senator Bernie Sanders
[4] “Biden’s Build Back Better Agenda,” Americans for Tax Fairness, Nov. 5, 2020
[5] “Dynasty Trusts: Giant Tax Loopholes that supercharge wealth accumulation,” Americans for Tax Fairness, Feb. 1, 2022
|
