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The estate tax is the only federal tax on large amounts of accumulated wealth, contributing a sense of fairness to the tax system by taxing the wealthy on income that has not been taxed before. Revenue from this tax goes to funding necessary government programs but also encourages charitable giving by allowing unlimited deductions for giving. Current estate tax law calls for the tax to be gradually reduced until it is eliminated in 2010, but then would be fully re-implemented in 2011. A new law, now being considered in the Senate, would permanently repeal the estate tax Full repeal in 2011 would ultimately increase the overall tax burden on low and middle income American taxpayers, as well as contribute to the growing federal budget deficit. NCRP opposes permanent repeal of the estate tax. We support reasonable and responsible reform that does not increase the deficit or shift an increasing tax burden on working families; and that can be implemented as in a timely manner. We advocate for reform that will continue to provide revenue for crucial federal and state government functions, and that will provide incentives for charitable giving. NCRP is a member of the Americans for a Fair Estate Tax Coalition (www.fairestatetax.org).
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