Tuesday, June 06, 2006

More on the estate tax

You can read some startling figures on financial disparity and the need for the estate tax here:
The United States is the most inequitable advanced nation in the world. Every year since 1996 the top 1 percent has garnered more income than bottom 100 million Americans taken together. Wealth ownership is even more concentrated than income. Indeed, it is literally feudal: The top one percent of wealth holders owns roughly half of all financial and business wealth. The top 5 percent owns almost 70 percent of such wealth. In 2003 the top 1 percent alone received 57.5 percent of all capital gains, rent, interest and dividend incomeā€”up from 37.6 percent two decades earlier. A recent analysis by The New York Times and Citizens for Tax Justice found that 43 percent of the Bush dividend tax cuts went to taxpayers with incomes greater than $1 million, who make up a mere 1/10th of 1 percent of all taxpayers.

As we told you yesterday, you should tell your senators to vote NO on repeal of, or change to, the estate tax this week. Call your senators today toll-free: 1-800-459-1887.