Schakowsky Statement on the Responsible Estate Tax Act

WASHINGTON, DC – July 1, 2015 – (RealEstateRama) — “I stood with Senator Bernie Sanders last week to introduce the Responsible Estate Tax Act. The Senator is true progressive champion and I am proud to again work with him to make our tax code more fair. This country is the richest on the face of the earth – and we’ve never been richer. But this period of extreme wealth is also one of extreme inequality: the richest one-tenth of one percent of Americans has as much wealth as the least affluent 90 percent of us.

The House Republicans want to make Paris Hilton, her bratty brother and other rich ‘kids’ even richer by completely repealing the Estate Tax – which they voted to do in April. So if you earn $30,000 in a year, you pay taxes on it. But if the Republicans had their way, you could inherit a lump sum of $1 billion and not pay a dime. That would pull an extra $269 billion out of federal investments in infrastructure, education, retirement security, and other priorities – and put it directly into the pockets of privileged couch potatoes.

We can do better than that, starting with the Responsible Estate Tax Act. Our bill would amend the estate tax to raise additional revenue for national priorities without taxing any estate on the first $3.5 million inherited by an individual (or $7 million per couple). That means 99.7 percent of Americans would experience no tax increase at all.

Income inequality is a crisis that threatens the very fabric of this country. We ought to do something about it, starting with raising billions of dollars from individuals who have done nothing to earn it. The Responsible Estate Tax Act is the way forward, and I am proud to be its House sponsor.”

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