By Aulva Aron-Dine
March 12, 2008
Permanent repeal of the estate tax (click here) would reduce revenues to the USA treasury by almost $1 trillion between 2012 and 2021, the first ten-year period in which its cots would be fully felt. With the economy slowing and deficits returning -- and with far larger deficits projected for future years. -- there is increasing recognition that estate tax repeal is unaffordable...
The Estate Tax could not be repealed in early 2008 and I doubt seriously that should continue to be an agenda item given the state of the country's national debt, but, no doubt it is still a goal.
From Forbes:
6/29/2012 @ 10:47AM
...You would know that I am in favor of a repeal (click title to entry - thank you) of the estate tax largely because, triggered only when wealthy people die (usually the death of a surviving spouse), it does not raise enough annual revenue to run the government for more than a few days....
Besides the fact the EFFECTIVE rate of the Estate Tax is 13.7 percent, less than Romney pays in taxes, the idea the funds would 'run the government for more than a few days' intrigued me. See, the opposition to The Buffet Rule was it would ONLY run the government for one day. One day. Then this statement about the Estate Tax running the government for only a few days. I thought, heck, we are up to an entire week now without borrowing a dime. I thought that was interesting. Also interesting was the fact that a few days of government being paid for is not necessarily important to Republicans.
