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Heavens to Blethen! McDermott introduces estate tax.

Heavens to Blethen! McDermott introduces estate tax.

Seattle Post Intelligencer – USA

April 22, 2009

Seattle Congressman Jim McDermott introduced an estate tax bill on Wednesday.

In a news release, his office said the Democrat introduced the Sensible Estate Tax Act and that it “would finally and fairly reform existing tax law that swings wildly between collecting no revenue to collecting billions from year to year, threatens tens of billions in existing revenue to the Treasury and affects only a fraction of 1 percent of the very wealthiest Americans.”

The Seattle Times, the largest newspaper in McDermott’s district, is a long-time opponent of the estate tax. We’ll to have to wait to see what Fairview Fanny thinks of McDermott’s idea.

But the congressman says, “Those Americans who have reaped huge fortunes as a result of their enterprise in America’s free-enterprise system owe their country something in return. This legislation provides for a modest and reasonable return on the investment America made in these people through the system we all work hard to support and advance.”

He said his bill (HR2023) would exclude the first $2 million for an individual and $4 million for a couple from the tax. Allow surviving spouses to get the full $2 million exclusion their dead spouse was entitled to. It would also use progressive tax rates.