56 National Organizations Oppose More Tax Cuts for Millionaires
by Adam Hughes*, 3/31/2009
The House and Senate are debating the FY 2010 budget resolution on the floor this week and in anticipation of regressive amendments that would expand the cut to the estate tax enacted under the Bush administration, OMB Watch joined 55 other national nonprofit organizations have sent a letter to each senator urging them to oppose any amendment that further erodes the estate tax.
Apparently there are a few senators who think the group of people we really need to be focusing on during the current economic troubles is those whose parents are worth over $7 million but less than $10 million. Sens. Blanche Lincoln (D-AR) and Jon Kyl (R-AZ) are expected to offer an amendment this week to the budget resolution that would sacrifice other priorities to increase the exemption under the estate tax. Currently any estate worth less than $7 million is totally exempt from the estate tax. But Lincoln and Kyl have a lot of sympathy for those of you out there who are set to inherit estates worth between $7 million and $10 million - the real unsung heroes of this economic collapse.
Are we really even debating cutting taxes for multi-millionaires right now? What is wrong with the U.S. Senate? If you think they are as crazy as we do, call the Capitol Switchboard right now (202.224.3121) and urge your senators to oppose any expansion of tax cuts for millionaires.
Image by Flickr user zsoolt, used under a Creative Commons license.