As the Senate prepares to vote on eliminating the estate tax, opposition continues to mount against this proposal. Arnold Hiatt, chairman of the Stride Rite Charitable Foundation, recently wrote an op-ed for The Hill explaining the negative impact abolishing the tax would have on America’s long term stability. In the piece, Hiatt argues that the repeal would result in the loss of crucial revenue ($269 billion over the next ten years) that could otherwise be used to reduce student debt or improve the nation’s infrastructure. He further demonstrates the necessity of the estate tax by invoking its role in mitigating the concentration of inherited wealth, which, he notes, is a top contributor to the polarization of America’s economic classes.
From The Hill:
“Congress’s pending vote to abolish the estate tax will make the rich even richer and accelerate the decline of the middle class.
The American dream is slipping out of reach for millions of Americans. Real wages have been declining for decades. 40 million young adults are now saddled with unprecedented amounts of college debt as they enter the workforce. The national homeownership rate is declining for the first time since World War II.
Unfortunately, GOP leaders in Congress place a higher priority on helping the rich get richer.
The estate tax has historically raised tens of billions a year from those with the greatest capacity to pay. Repealing the estate tax would cost an estimated $269 billion over the next decade. Imagine the number of preschoolers who could get a free education and the number of college students whose debt could be reduced.
As someone whose family would personally benefit from abolishing the estate tax, I strongly oppose such a reckless and irresponsible action. Our country needs less inequality and more opportunity. Instead, we’re moving toward a society that will be economically and politically dominated by the sons and daughters of the Forbes 400.”
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