Oddlots

Random samplings of new affecting
the estate planning industry

Compiled by Christopher Weems, Associate Editor

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Coalition Warns that Repeal 'Comes With a High Price'

WASHINGTON, -- As a U.S. Senate Finance subcommittee

today heard testimony about repealing the estate tax, Americans for Sensible

Estate Tax Solutions (ASsETS) warned Congress that outright repeal of the tax

will have a devastating impact on charitable giving as well as on state

budgets.

"Repeal comes with a high price," said Eric Hoffman, executive director of

ASsETS, a coalition that advocates reforming, rather than repealing the tax.

"Not only would charitable giving decrease under estate tax repeal, it would

also blow a hole in state budgets, forcing state budget writers to either

raise taxes, cut services or run a deficit. With Congress asking the states to

do more, state legislatures should know that the revenue streams needed to

carry out those services aren't disrupted."

Instead, ASsETS supports legislative efforts that raise the estate tax

exemption levels, lower the top tax rate for estates and adjust for inflation.

This type of reform legislation would immediately repeal the tax for 99

percent of Americans and 8 out of 10 estates that annually are subject to the

tax.

 

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