What: All Issues : Making Government Work for Everyone, Not Just the Rich or Powerful : Insuring Government Has Adequate Financing to Function : H.R. 8. Estate Tax Repeal/Passage of a Bill to Repeal the Estate Tax Which Targets Wealthy Taxpayers and Comprises an Important Source of Government Revenue. (2003 house Roll Call 288)
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H.R. 8. Estate Tax Repeal/Passage of a Bill to Repeal the Estate Tax Which Targets Wealthy Taxpayers and Comprises an Important Source of Government Revenue.
house Roll Call 288     Jun 18, 2003
Progressive Position:
Nay
Progressive Result:
Loss

The subject of this vote was final passage of a bill that would permanently repeal the estate tax. The estate tax is an inheritance tax on estates valued at over $3 million that are passed down from one generation to the next. Progressives opposed final passage of the estate tax repeal because, in their view, the estate tax is needed to prevent the concentration of wealth and power in the hands of a small group of individuals. The GOP-bill, Progressives pointed out, would only serve to benefit wealthy individuals because the estate tax only applies to estates valued in excess of $3 million; very few low and middle income taxpayers, Progressives argued, own multi-million dollar estates and would therefore receive no benefits from the legislation. Just the opposite, Progressives contended that permanently repealing the estate tax would reduce federal revenues by over $800 billion in the next ten years and would necessitate cuts in important programs such as Medicare and Social Security that benefit low and middle income earners. Despite opposition from Progressives, the estate tax repeal was adopted by the House on a vote of 264-163.

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