Tuesday, September 25, 2012 6:49:12 PM
Restoring Estate Tax To Pre-Bush Level Could Make Huge Strides Toward Avoiding Sequestration
Sarah Bufkin
sarah.bufkin@huffingtonpost.com
Posted: 09/25/2012 12:04 pm EDT Updated: 09/25/2012 4:22 pm EDT
WASHINGTON -- If the estate tax is restored to a level similar to its rate before the Bush-era tax cuts went into effect, the federal government could rake in over $500 billion in revenue over the next 10 years, according to an analysis by the Congressional Budget Office.
http://www.cbo.gov/publication/43546
The windfall could make up a large portion of the $1.2 trillion that Congress needs to find by Jan. 2 in order to head off the potentially disastrous sequestration cuts currently scheduled to take effect by the year's end.
"The catastrophe that the House has created is coming," Rep. Jim McDermott (D-Wash.) told The Huffington Post. "At some point, people are going to have to face the fact that we need some revenue. And if we don't face that, we're going over a cliff ... When we finally get down to this, it is going to be a bloodbath. We cannot cut the budget of this country $1 trillion without decimating everything that we consider civil government."
Under the Office of Management and Budget's analysis released on Sept. 14, the sequestration would be "deeply destructive to national security, domestic investments, and core government functions."
http://www.whitehouse.gov/sites/default/files/omb/assets/legislative_reports/stareport.pdf
OMB predicts that the measure would slash defense spending by 9.4 percent and cause significant damage to government agencies and programs, including education grants, food safety inspections, the Environmental Protection Agency, the National Institute for Health's research capabilities, disaster readiness and housing and food assistance programs for struggling Americans.
[...]
http://www.huffingtonpost.com/2012/09/25/restoring-estate-tax-to-p_n_1904613.html?utm_hp_ref=politics#slide=70808
Sarah Bufkin
sarah.bufkin@huffingtonpost.com
Posted: 09/25/2012 12:04 pm EDT Updated: 09/25/2012 4:22 pm EDT
WASHINGTON -- If the estate tax is restored to a level similar to its rate before the Bush-era tax cuts went into effect, the federal government could rake in over $500 billion in revenue over the next 10 years, according to an analysis by the Congressional Budget Office.
http://www.cbo.gov/publication/43546
The windfall could make up a large portion of the $1.2 trillion that Congress needs to find by Jan. 2 in order to head off the potentially disastrous sequestration cuts currently scheduled to take effect by the year's end.
"The catastrophe that the House has created is coming," Rep. Jim McDermott (D-Wash.) told The Huffington Post. "At some point, people are going to have to face the fact that we need some revenue. And if we don't face that, we're going over a cliff ... When we finally get down to this, it is going to be a bloodbath. We cannot cut the budget of this country $1 trillion without decimating everything that we consider civil government."
Under the Office of Management and Budget's analysis released on Sept. 14, the sequestration would be "deeply destructive to national security, domestic investments, and core government functions."
http://www.whitehouse.gov/sites/default/files/omb/assets/legislative_reports/stareport.pdf
OMB predicts that the measure would slash defense spending by 9.4 percent and cause significant damage to government agencies and programs, including education grants, food safety inspections, the Environmental Protection Agency, the National Institute for Health's research capabilities, disaster readiness and housing and food assistance programs for struggling Americans.
[...]
http://www.huffingtonpost.com/2012/09/25/restoring-estate-tax-to-p_n_1904613.html?utm_hp_ref=politics#slide=70808
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