56 National Organizations Oppose More Tax Cuts for Millionaires

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.

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2006 Estate Tax Affects Far Less Than 1 Percent of Estates

United for a Fair Economy released information yesterday indicating that less than one-third of one percent of all U.S. estates-- or 0.27%-- will be affected by the federal estate tax in 2006. The estate tax exemption rose January 1 from $1.5 million to $2 million ($4 million per couple).

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National Farm Bureau Supports $10 million ET Exemption

At their recent annual convention, delegates of the National Farm Bureau Federation voted in approval to change the organization's position on the estate tax. The organization now supports raising the estate tax exemption to $10 million (indexed to inflation), from the current $2 million. The Bureau voted on this issue because members of Congress had been pressuring the organization to state what level of exemption its members would accept. At this point, it is not clear what specific tax rate they support.

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Watcher: December 14th, 2004

Federal Budget

  • Bush Plans Economy, Tax Summit Dec. 15-16
  • Bush Signs Bill Extending Internet Tax Moratorium
  • Economy and Jobs Watch: November Numbers Still Lag Behind Need
  • New York Joins States Raising Minimum Wage
  • Wealthy Congressmen Support Estate Tax
  • Congress Strips Offending Tax Provision, Passes Omnibus Bill

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Wealthy Congressmen Support Estate Tax

The estate tax, one of the most progressive tax policies in America, only currently affects the wealthiest 2 percent of Americans. Yet contrary to personal self interest, many members of Congress are not basing their position on the issue on their own pocketbooks. In his recent article in Tax Notes, Martin Sullivan made the ironic observation that on average, the more wealthy members of Congress, many of whom would be substantially taxed under the estate tax, are fighting the Bush administration’s attempts at repeal.

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Estate Tax Repeal Would Hurt Charitable Giving, New CBO Reports Say

Two new studies by the Congressional Budget Office (CBO) find that a permanent repeal of the federal estate tax would greatly reduce charitable giving. The CBO estimated that overall charitable giving would decline between 6 and 12 percent, and the decline in charitable bequests would range from 20 to 30 percent, if the estate tax were fully repealed. Download full press release (.pdf)

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JEC Press Release Misinterprets Evidence on Charitable Bequ

OMB Watch - JEC Press Release Misinterprets Evidence on Charitable Bequests

WASHINGTON, D.C., July 29, 2004 - The majority leadership of the Joint Economic Committee, in a recent press release dated July 28, 2004, pointed to an increase in charitable bequest giving as evidence that changes to the estate tax law have not impacted giving.

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JEC Press Release Misinterprets Evidence on Charitable Bequests

WASHINGTON, D.C., July 29, 2004 - The majority leadership of the Joint Economic Committee, in a recent press release dated July 28, 2004, pointed to an increase in charitable bequest giving as evidence that changes to the estate tax law have not impacted giving. Download Full Release (.pdf)

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CBO Releases Two New Studies Examining Impact of Estate Tax on Charitible Giving

The Congressional Budget Office has released two new reports on the impact of the estate tax on charitable giving. The reports confirm that there is a significant negative impact on charitable giving that would result from the elimination of the estate tax.

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