USAction Report on Estate Tax Repeal Costs
by Adam Hughes*, 8/31/2005
The USAction Education Fund released a report today; Setting the Right Priorities: Why We Can't Afford Repeal or Drastic Reduction of the Federal Estate Tax.
The report finds that repeal or drastic reduction of the estate tax only benefits a small group of multimillionaires, while middle- and lower-income families will suffer from budget cuts to education, environmental protection, community development, health care, and other programs. The report notably points out that the loss in revenue we would see in one year if one of Sen. Kyl's (R-AZ) proposals were enacted could "alternatively be used to make up for the entire set of budget cuts proposed to agriculture, community development, Medicaid, transportation, veterans benefits services, income security, health, environmental protection, education, training, employment and social services in 2010."
