Rep. Tom Reynolds, along with 271 of his colleagues in the House of Representatives, voted to make the repeal of the estate tax permanent. This tax falls exclusively on the wealthiest 2 percent of taxpayers: those with a net worth of at least $1.5 million per individual or $3 million for a couple.
The repeal of this tax is incomprehensible given the financial status of our nation. As we face a record deficit, along with costs associated with the wars in Iraq and Afghanistan, it is disappointing that our elected officials would vote in support of this tax's repeal.
Our government desperately needs revenues, not fiscal recklessness. The estate tax is our most progressive tax and a crucial, though small, mechanism to undo legacies of inequality perpetuated by inherited wealth.
Hopefully the Senate will recognize that honoring our nation's responsibilities requires sacrifice for all Americans, not just those in uniform. Taxes are what we pay for the privilege of being an American.