Tax — Federal
Berkley Estate Tax Bill Would Add Billions to Deficit While Benefiting Only Wealthiest 1 in 500 Estates
“A new estate tax bill [H.R. 3905] introduced by Representative Shelley Berkley (D-NV) and others would cost $119 billion more over the first decade (2012-2021) than extending the tax under its current rules…yet would benefit only the nation’s wealthiest 0.2 percent of estates since they are the only ones subject to the tax under the current rules….
“[I]t is imperative that the permanent estate tax solution be fiscally responsible and fit the economic and budgetary challenges the nation faces today, as well as the even more daunting fiscal challenges it will encounter in the decades ahead. H.R. 3905 fails these tests.” Read more
Topics
Basics
The income tax on individuals and the payroll tax, which is deducted from workers' wages and used to help finance Social Security and Medicare, together funded 75 percent of federal spending in 2007. Business or corporate taxes contributed another 14 percent. Other federal taxes include the estate tax on the heirs of large estates.
Policy Basics:
- The Child Tax Credit
- The 2001 and 2003 Tax Cuts
- Where Do Our Federal Tax Dollars Go?
-
-
-
Featured Experts
The Center analyzes major tax proposals, examining their likely effects on the economy and on the government’s ability to address critical national needs, especially over the long term. We place particular emphasis on the effects of tax proposals on households at different income levels. In addition, we analyze trends in the level of federal revenues, income distribution, and tax burdens.
New
-
House Health Bill’s High-Income Surcharge is Sound and Well Targeted
Updated November 20, 2009
-
Increasing Medicare Tax on High-Wage Earners Could Help Pay for Health Reform and Strengthen Medicare’s Finances
November 13, 2009
-
How Much Would a State Earned Income Tax Credit Cost in 2010?
November 12, 2009
-
Policy Basics: The Child Tax Credit
November 11, 2009
-
State Earned Income Tax Credits: 2009 Legislative Update
November 10, 2009
- More:
- View All By Date
Of Interest
Congress Should Not Weaken Estate Tax Beyond 2009 Parameters
Alternative Minimum Tax: Myths and Realities
Long-Term Social Security Shortfall Smaller Than Cost of Extending Tax Cuts for Top 1 Percent
Average Income in 2006 Up $60,000 For Top 1 Percent of Households, Just $430 For Bottom 90 Percent
By the Numbers






