Congress needs to prevent the estate tax from going to 0% in 2010

[brentspeak]

Besides the obvious need for available revenue to finance the huge projected (and current) deficits, there's also the clear need for the super-rich to spend some of their money in a dying economy. Not only have Republican tax cuts for the rich transferred a heavier tax burden onto everyone else, they've also transferred the consumer spending burden onto everyone else. Some CNBC-stooge's column I read the other day complained that the "death tax" (as he called it) "forced" the super rich to spend money they otherwise would save for their selected heirs. I say: good! That's exactly what we need.

[Vincardog]

1. BINGO That's exactly what they are intended to do

[Ilsa]

2. I hope Obama and the Democrats address this. MAybe this is one reason why

symphonies and ballet companies are getting pounded right now. The wealthy are planning on leaving everything to the kids instead of spreading some of that wealth around.

I hear that sports organizations are sweating blood right now also.

The wealthy need to meet with their accountants and tax attorneys and help fund the arts, etc.

[JustinL]

3. it's in Obama's budget proposal

The budget would freeze the estate tax at current levels rather than allowing it to permanently expire next year. That would exempt individuals' estates of $3.5 million or less from the 45 percent estate tax rate, with a $7 million exemption for couples.

link

[Sebastian Doyle]

4. There are some cases where the estate tax needs to be 100%

I think the Bush Crime Family and the Rockefellers, for example, have stolen enough from this country (and others). Time to take it back from them.

[Optical.Catalyst]

5. The accumulation of wealth by passing it from generation to generation is unfair

The children of wealthy families have an unfair advantage over the less fortunate. The estate tax should reach 98% for wealth that is not directly attributed to multi-generational family business. What I mean is a family business that employs people from the same family across more than one generation, like a family farm.