Lincoln-Kyl Estate Tax Amendment is Both Unnecessary and Unaffordable

Lincoln-Kyl Estate Tax Amendment is Both Unnecessary and Unaffordable

By Jason Levitis and Chuck Marr

"Senators Blanche Lincoln and Jon Kyl will offer an amendment to the Senate budget resolution to substantially weaken the estate tax, by going well beyond President Obama's proposal to make the 2009 estate tax rules permanent.

This amendment would be both fiscally irresponsible — it would pave the way for a significant increase in long-term deficits and debt — and unnecessary to protect small businesses and farms, nearly all of which are already exempt from the tax under the 2009 estate tax rules. 

The amendment also would lead to significant reductions in charitable contributions, while benefiting only the wealthiest 0.28 percent of estates."

http://www.cbpp.org/cms/index.cfm?fa=view&id=2759
http://www.cbpp.org/files/4-2-09tax.pdf  5pp.