Dear Mr. Gruber:
Thank you for writing to express your concerns about the estate tax. I appreciate the time you took to write and welcome the opportunity to respond.
As you know, the estate tax is currently repealed for 2010, but will reset to a 55 percent rate with a $2 million exemption for couples in 2011. President Obama's budget for both fiscal years 2010 and 2011 proposes permanently freezing estate tax levels at the 2009 rate of 45 percent with a $7 million exemption for couples. I support permanently extending the estate tax at these levels because I believe it is a reasonable and fiscally responsible tax policy. Our nation's budget deficit is projected to be $1.6 trillion this year and our national debt now stands at over $12.4 trillion. Tax policies and spending priorities must be carefully balanced to ensure that American families are not overly burdened and critical federal programs are sustained.
The House of Representatives has already passed legislation (H.R. 4154) to permanently extend the 2009 estate tax levels. Because the tax is currently repealed, I hope that the Senate will act quickly to do the same. I am very concerned that the Federal Government is not currently collecting any needed revenue from this source. Please know that I will keep your thoughts in mind about this important issue should further legislation to reform the estate tax come before the full Senate.
Once again, thank you for writing. If you have any additional questions or concerns, please do not hesitate to contact my Washington, D.C. office at (202) 224-3841. Best regards.
Sincerely yours,
Dianne Feinstein
United States Senator
Interesting letter, right? The Senator knows that something is wrong, and she knows there is a House bill that can solve the problem, but what is she going to do about it? Well, if "further legislation" shows up on her desk, she might do something.
Next question, Senator: What is wrong with H.R. 4154, and why won't you and the other Senators do something to push it through? It's simple, it's fair, and it exempts most of the estates in this country from the estate tax.
Of course, Sen. Feinstein is not the only Senator at fault here. There are 99 other Senators who are also doing nothing.
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