Rep. Jim Mcdermott of Washington was quoted as saying, “You talk about the calls you receive from your district. Bill Gates called me, and he said, ‘Don’t vote for estate tax repeal.’”
One representative is calling this bill “the Paris Hilton Tax Relief Act” and that “Congress has bent over backwards to help the richest in this country.”
Regardless of the moral and political issues there are financial ones as well. The Joint Committee on Taxation calculated a loss of $283 billion in federal revenue from 2006 to 2016 if the bill were to become law.
Should the super-rich be able to pass on their wealth to the next generation with little taxation or should a good junk of that go back into our economy?
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