This alert is from the National Women's Law Center:
Senate set to vote on estate tax before the end of July.
Tell your senators to reject more tax breaks for millionaires!
Say NO to yet another reckless tax cut! The Senate is planning to vote in the next two weeks on a proposal to permanently repeal the estate tax and/or a proposal to drastically reduce the estate tax. Repealing the estate tax will cost nearly $1 trillion over the first ten years of full repeal, and some proposals to "reform" the estate tax cost almost as much. At the same time, Congress is considering cuts to vital supports for women and their families.
TAKE ACTION NOW! Click here to email your Senators! Tell them to vote NO on permanently repealing the estate tax and on so-called "reform" proposals that would lose hundreds of billions of dollars in federal revenue. And call your Senators at 202-224-3121 or find their D.C. office numbers here on the NATIONAL CALL-IN DAY on WEDNESDAY, JULY 20th.
The federal estate tax currently affects only estates larger than $1.5 million for an individual, $3 million for a couple; only the largest one percent of estates pay any estate tax at all. The estate tax is scheduled to be completely repealed in 2010 and then reinstated in 2011.
While the Senate is considering making repeal of the estate tax permanent - granting the very wealthiest Americans yet another costly tax cut - it is also debating cutting Social Security benefits. Yet, with just part of the revenues from preserving the estate tax, we could close 25 to 50 percent of the long-term shortfall in Social Security.
Meanwhile, the Senate is looking to cut billions of dollars from Medicaid, Food Stamps, and other vital supports in the budget reconciliation bill this fall. The Senate is also beginning to vote on its annual spending bills which grossly underfund critical priorities such as education and child care. Eliminating or significantly shrinking the estate tax for the wealthiest individuals while proposing to take basic supports away from those Americans who need help the most is unfair and irresponsible.