On Tuesday, December 11th, Warren Buffett, Bill Gates Sr., and many other very wealthy Americans signed a letter organized by our partner, Responsible Wealth, demanding that Congress strengthen the estate tax. Enter your Zip Code and tell your U.S. Senators that you're signing onto the letter as well.
1. Just 2 out of 1,000 estates will pay the estate tax in 2012. That means 99.8% of estates will not pay it.
2. No tax is paid today on estates worth up to $10.2 million per couple.
3. President Obama's proposed slightly higher estate tax – which will require 3 out of 1,000 estates to pay the tax – will raise $120 billion for deficit reduction, and to protect the middle class.
4. Just 30 family farms or small businesses will pay the estate in 2012. Just 60 in the whole country would be subject to the estate tax under President Obama’s plan to strengthen it.
5. The estate tax encourages charitable giving: because donations to charity are not subject to the estate tax, it encourages wealthy individuals to donate large sums to charity in their wills. Repealing the estate tax would reduce those charitable gifts by up to 28%.