I am a leftist who also believes in the principles behind a meritocracy. I see no blatant contradiction there as some might. That's why I do not think it is fair for someone to become a multi-millionaire through inheritance alone without treating at least part of that estate as taxable income. The rallying cry of conservatives used to be "No free lunch!" It has now changed to "Free inheritances!"
And this at a time when the national debt has increased by $2 TRILLION dollars in just the four fiscal years that President Bush has served. It's likely that the next four years will see an additional $2 TRILLION added to the debt in conservatives' slavish devotion to the failed concept of supply-side economics. For contrast: The entire accumulated national debt before President Bush and the current Congress was under $6 trillion.
An estate tax repeal is expected to reduce non-Social Security federal revenue by about 5% in each year of its absence. You and I and our children will be expected to pick up the slack.
It is widely expected that the U.S. Senate will vote to abolish the 90-year-old estate tax this coming Tuesday. The U.S. House has already approved this measure, and President Bush will sign it if it passes the Senate. Please take a moment to visit this site, scroll down, and send an email to your U.S. Senators. The vote to preserve this tax will be very close, and every vote will count. Thank you.
http://www.demaction.org/dia/organizations/ombwatch/campaign.jsp?campaign_KEY=907