More than 30 of the wealthiest Americans have signed a letter to Congress and the Obama administration arguing that the estate tax should be raised, not lowered, especially at a time when much of the political establishment is calling for the already economically vulnerable to surrender more of their financial security as the price for backing the country away from the so-called “fiscal cliff.”
Several of the millionaires were featured at a news conference today organized by United for a Fair Economy. They are members of the Responsible Wealth coalition, and the statement they issued today calls for setting the estate tax threshold at $2 million for individuals and $4 million for couples. The current threshold is set at $10 million by a law that expires at the end of the year.
“We believe it is right to have a significant tax on large estates when they are passed on to the next generation. We believe it is right morally and economically, and that an estate tax promotes democracy by slowing the concentration of wealth and power,” the statement reads.
This runs counter to a continuing movement by conservatives to eliminate the estate tax altogether, raise the ceiling so high that only a few ultra-rich individuals have to pay it, or set the tax rate at a level that it is not consequential to the people required to pay it.
One of the more eloquent defenses of the estate tax was delivered by Abigail Disney, a filmmaker whose grandfather was the brother of Walt Disney and co-founder of the Disney entertainment empire.
“Let me state this as plainly as I can,” she said. “The current state of affairs is absolutely counter to my deepest values as an American. I have no desire to compound my already significant advantages, and the advantages of my children, especially on the backs of the middle class.”
Disney and the other members of the Responsible Wealth coalition argue that a robust estate tax, targeted at the top 1 percent of estates, will generate the revenues needed to fund the infrastructure and services that made their prosperity possible, so that a new generation of business owners and workers can benefit. A high estate tax also encourages large charitable contributions. And, it ensures that wealth is not perpetually concentrated in the hands of a small, closed aristocracy, but that America can fulfill the promise of upward mobility and shared prosperity.
You can show your support for preserving and strengthening the estate tax by signing this petition.
Help us Prepare for Trump’s Day One
Trump is busy getting ready for Day One of his presidency – but so is Truthout.
Trump has made it no secret that he is planning a demolition-style attack on both specific communities and democracy as a whole, beginning on his first day in office. With over 25 executive orders and directives queued up for January 20, he’s promised to “launch the largest deportation program in American history,” roll back anti-discrimination protections for transgender students, and implement a “drill, drill, drill” approach to ramp up oil and gas extraction.
Organizations like Truthout are also being threatened by legislation like HR 9495, the “nonprofit killer bill” that would allow the Treasury Secretary to declare any nonprofit a “terrorist-supporting organization” and strip its tax-exempt status without due process. Progressive media like Truthout that has courageously focused on reporting on Israel’s genocide in Gaza are in the bill’s crosshairs.
As journalists, we have a responsibility to look at hard realities and communicate them to you. We hope that you, like us, can use this information to prepare for what’s to come.
And if you feel uncertain about what to do in the face of a second Trump administration, we invite you to be an indispensable part of Truthout’s preparations.
In addition to covering the widespread onslaught of draconian policy, we’re shoring up our resources for what might come next for progressive media: bad-faith lawsuits from far-right ghouls, legislation that seeks to strip us of our ability to receive tax-deductible donations, and further throttling of our reach on social media platforms owned by Trump’s sycophants.
We’re preparing right now for Trump’s Day One: building a brave coalition of movement media; reaching out to the activists, academics, and thinkers we trust to shine a light on the inner workings of authoritarianism; and planning to use journalism as a tool to equip movements to protect the people, lands, and principles most vulnerable to Trump’s destruction.
We urgently need your help to prepare. As you know, our December fundraiser is our most important of the year and will determine the scale of work we’ll be able to do in 2025. We’ve set two goals: to raise $125,000 in one-time donations and to add 1400 new monthly donors by midnight on December 31.
Today, we’re asking all of our readers to start a monthly donation or make a one-time donation – as a commitment to stand with us on day one of Trump’s presidency, and every day after that, as we produce journalism that combats authoritarianism, censorship, injustice, and misinformation. You’re an essential part of our future – please join the movement by making a tax-deductible donation today.
If you have the means to make a substantial gift, please dig deep during this critical time!
With gratitude and resolve,
Maya, Negin, Saima, and Ziggy