Strengthen the Estate Tax
U.S. Treasury Department, Comment on REG-163113
One hundred years ago, the U.S. Congress established the Estate Tax to curb the passing down of extreme family wealth from one generation to the next. Today, the Estate Tax affects just the wealthiest 0.2% of estates – those worth more than $5.5 million.
Over the years, the Estate Tax has been riddled with loopholes that allow the wealthiest families to pay, on average, an effective tax rate of just 17%. But the Obama Administration and its U.S. Treasury Department have proposed a new rule that would close one of these loopholes and generate up to $18 billion over 10 years.
You – the public – have until this Thursday, November 3, to submit a comment in support of a stronger Estate Tax. Please sign the comments below, and we will deliver this statement on your behalf to the Treasury Department.
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To:
U.S. Treasury Department, Comment on REG-163113
From:
[Your Name]
The Estate Tax was meant to curb dynastic wealth, but over the years it has been riddled with loopholes, reducing its effectiveness. That is why I strongly support the U.S. Treasury Department’s proposed rule that would close the “valuation discount loophole.” This rule will strengthen the Estate Tax, generating up to $18 billion over 10 years. It will also require the wealthiest estates to pay a fairer share in taxes. I am hopeful that closing the valuation discount loophole is a sign of more actions by the Treasury Department to ensure that we have a fairer and more balanced tax system in the future.