Hagan made right choice on estate tax
I hope that you will join me in thanking Sen. Kay Hagan for making the right choice for her constituents by voting against an amendment to cut the estate tax in the budget considered by the Senate.
The president’s budget already cuts the estate tax, protecting 99.7 percent of all estates. The amendment passed by the Senate gives tens of billions of dollars to the richest people in this country over 10 years.
The estate tax only affects estates starting at $7 million per couple.
Only three in every 1,000 very wealthy estates benefit from the amendment adopted by the Senate. Claims that small businesses and family farms would be hurt without additional cuts are simply false.
Charities, on the other hand, could be hurt because the estate tax creates incentives for charitable giving.
We expect our representatives in Washington to use our resources wisely and to establish priorities that most affect the people back home.
These funds would be better used to reform health care or reduce the deficit.
Sen. Hagan made the right choice for the people of North Carolina. I applaud her and urge her to continue to stand up for us in Washington.
Elaine Mejia
Raleigh
The writer is director of the N.C. Budget and Tax Center, an arm of the Raleigh-based N.C. Justice Center, a research and advocacy organization.
Comments (2)
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Yes, I am pleased that Senator Hagan did not support the estate tax amendment. The so-called Lincoln/Kyl amemdment called for an increase in the amount of an estate not subject to taxes from the current 7 million per couple to 10 million. And it is absolutely astonishing to me that during an economic implosion that has adversely affected the lives of millions of working families, levels of economic inequality not seen since the Great Depression, at least 40 million citizens lacking health care, that more than half of the U.S. Senate would still vote to give the wealthiest of the wealthy a fat tax cut. Thanks Senator Hagan for voting "no."
Posted on April 9, 2009 9:19 PM
Sorry:
Taxed and taxed again at death in NC yet move to Florida, TN TX etc. and you do not have these taxes, how easy is it to compete. These states have good schools, good economies and good roads, maybe instead of raising taxes we should cut administration costs. We need to be competitive, that means attracting business and retirement money and this is done by responsible management of the peoples money. We have great environment, weather, mountains, beaches, lakes etc. Now all we need is great government.
Posted on April 10, 2009 12:42 PM