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For nearly a hundred years, people who inherited a lot of money from their super-wealthy relatives, had to pay hefty taxes on their inheritance. The “Estate Tax,” or as Republicans like to call it the “Death Tax,” was supposed to have been extended into 2010 by Congress but as of now, until Congress reconvenes its session and takes up the issue, the US has no estate tax. Often considered the nation’s most progressive taxation law, and the only wealth tax, the end of the estate tax could mean the end of billions of dollars of federal revenue, and thus an increase in the federal deficit. It could also mean greater taxation for small businesses, and less wealthy individuals. Under George W Bush’s tenure, the estate tax was cut several times to where as of last month, only those with assets of more than $3.5 million per individual owed government revenue. Congressman Jim McDermott’s bill, called the Sensible Estate Tax Act, offers a compromise estate tax rate which the organization United for a Fair Economy is supporting.

GUEST: Lee Farris, Estate Tax Policy Coordinator with United for a Fair Economy

For more information, visit www.faireconomy.org.