Establish a Responsible Estate Tax on Billionaires and Multi-Millionaires

Estate TaxIt was irresponsible for Congress to allow the estate tax to expire in 2010, costing tens of billions in lost revenue. The federal estate tax is our nation’s only levy upon the wealth of billionaires and multi-millionaires. These households disproportionately benefit from the public investments (roads, schools, R&D, etc.) we all make in our society. The estate tax raises substantial revenue, encourages charitable giving, and puts a brake on the concentrations of wealth and power that undermine our democracy.
We urge Congress to institute the Responsible Estate Tax Act (S. 3533, HR 5764) on billionaires and multi-millionaires. This would raise over $300 billion over the next decade from those with the greatest capacity to pay (only the wealthiest 3 out of every 1000 American households will be affected). These funds could be used for deficit reduction and to make long-overdue investments in infrastructure, education, and energy independence.
Estate Tax Petition 2010