Oddlots
Random samplings of new affecting
the estate planning industry
Compiled by Christopher Weems, Associate Editor
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Coalition Warns that Repeal 'Comes With a High Price'
WASHINGTON, -- As a U.S. Senate Finance subcommittee
today heard testimony about repealing the estate tax, Americans for Sensible
Estate Tax Solutions (ASsETS) warned Congress that outright repeal of the tax
will have a devastating impact on charitable giving as well as on state
budgets.
"Repeal comes with a high price," said Eric Hoffman, executive director of
ASsETS, a coalition that advocates reforming, rather than repealing the tax.
"Not only would charitable giving decrease under estate tax repeal, it would
also blow a hole in state budgets, forcing state budget writers to either
raise taxes, cut services or run a deficit. With Congress asking the states to
do more, state legislatures should know that the revenue streams needed to
carry out those services aren't disrupted."
Instead, ASsETS supports legislative efforts that raise the estate tax
exemption levels, lower the top tax rate for estates and adjust for inflation.
This type of reform legislation would immediately repeal the tax for 99
percent of Americans and 8 out of 10 estates that annually are subject to the
tax.