GUEST: Susan Harley, Deputy Director, Public Citizen’s Congress Watch division.
A new report by the group Public Citizen has found that a teeny tiny sliver of the US public would benefit if the Estate tax were to be repealed. Inequality in the US has reached such absurd levels that nine whole families would save more than $25 billion in estate taxes at the very minimum. The report, entitled Billionaire’s Bluff, finds that families have spent millions of dollars lobbying Congress each year to repeal the estate tax.
The GOP-controlled House has already passed a bill repealing the tax, using the justification of helping small businesses and farmers. Now, Independent Senator and Democratic Presidential candidate Bernie Sanders, together with Representative Jan Schakowsky, introduced a new bill to close tax loopholes that enable the uber-rich to avoid paying their fair share.
Find out more at www.citizen.org.