More than 30 of the wealthiest Americans wrote a letter toCongress and the Obama administration arguing that the estate tax should beraised. Several of thosemillionaires, members of the Responsible Wealth Coalition, were featured at anews conference yesterday. They propose setting the estate tax threshold at $2million for individuals and $4 million for couples. The millionaires spoke about how they believe that thereshould be a significant tax on large estates when they are passed onto the nextgeneration. They echoed Abigail Disney’s sentiment of not wanting to compoundtheir already significant advantages on the backs of the middle class. A high estate tax like this ensuresthat the wealth is not perpetually concentrated in the hands of a small aristocracyand also encourages charitable contributions.
See Isaiah J.Poole, MillionairesDefend the Estate Tax, Truthout, Dec. 12, 2012.
