A new study, Effects of the Federal Estate Tax on Farms and Small Businesses by the Congressional Budget Office, shows that the Estate Tax does not hurt family farms and businesses.

The Senate will soon vote on repealing the Estate Tax. This study has important information for those of us in states like Colorado, whose Senators may soon vote in favor of repeal.

A new study, Effects of the Federal Estate Tax on Farms and Small Businesses by the Congressional Budget Office, shows that the Estate Tax does not hurt family farms and businesses.

The Senate will soon vote on repealing the Estate Tax. This study has important information for those of us in states like Colorado, whose Senators may soon vote in favor of repeal.

An article, "Few Wealthy Farmers Owe Estate Taxes, Report Says" by David Kay Johnston in the July 10 New York Times summarizes the CBO study. Here are some quotes from this article:

"The number of farms on which estate tax is owed when the owners die has fallen by 82 percent since 2000, to just 300 farms..."

"All but 27 farmers left enough liquid assets to pay taxes owed, the budget office found, although it hinted that the actual number might be zero."

"The estate tax raised an estimated $23.4 billion last year. Repeal would shift part of the burden of taxes off the fortunes left by the richest 1 percent of Americans, some of whose fortunes were never taxed, onto the general population. The lost revenue could be made up in three ways: through higher income taxes; reduced government services; or more borrowing, which would pass the burden of current government spending to future generations."

The CBO study debunks the myth, promoted by Senator Wayne Allard (R-CO) and others, that the Estate Tax hurts family farms and businesses.

Only estates over $1.5 million, $3 million for a couple, are subject to the federal Estate Tax. The vast majority of money collected through this tax is on very large estates, much of which is unrealized capital gains which has not yet been taxed even once. This debunks another myth: that the Estate Tax is unfair because it constitutes "double taxation". Besides, money is usually taxed when it changes hands while flowing through the economy, and the Estate Tax is no different.

More details on the Estate Tax are at United for a Fair Economy .

Then there's the issue of basic fairness: why should a wealthy few have millions of dollars handed to them, tax free, while the rest of us not only have to work for a living, but have to pay taxes on what we earn?

If the Estate Tax is repealed, a few wealthy families will accumulate vast fortunes, both tax-free and work-free. This threatens democracy itself. That's because wealth buys political power, influence, and access to elected officials. The great Supreme Court Justice Louis Brandeis once wrote, "We can have a democratic society or we can have great concentrated wealth in the hands of the few. We cannot have both."

Let's not mince words: any Senator who votes to repeal the Estate Tax is waging class warfare on behalf of the richest 1%, against the other 99%. They favor plutocracy over democracy. They want the very rich to receive money without working for it, and without paying taxes on it.

So, if you want your Senators to vote against repealing the Estate Tax, now is the time to tell them. Their addresses and phone numbers are here .

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