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Argument: Repealing estate tax would cost govt significant revenues

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The Center on Budget and Policy Priorities 3/16/05 summarizing the Joint Committee on Taxation estimates: "Making the repeal of the estate tax permanent after 2010 would reduce revenues by $290 billion through 2015, including $72 billion in 2015 alone. But this estimate essentially captures only the cost of four additional years of estate tax repeal; the revenues losses associated with 10 more years of repeal — for the period 2012 through 2021 — are much higher, about $745 billion. And when the associated $225 billion in higher interest payments on the debt are taken into account, the total cost of repealing the estate tax for a decade would be nearly $1 trillion." "The Bush Administration recently proposed a permanent repeal of the federal estate tax. This repeal would decrease government revenues by about $745 billion over 10 years, plus interest. The total loss to federal government coffers would be $1 trillion from 2012 to 2021.... exactly the same time period as when Social Security solvency begins become an issue of immediate concern...Subtracting $1 trillion from the US government would be catastrophic and irresponsible not only in dealing with federal debt, but in funding services for US taxpayers...among them: education, healthcare, local homeland security and, of course, Social Security. These vital programs are already under financial stress. More tax cuts for multi-millionaires will cause even greater erosion of such services."

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