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July 21, 2010 at 08:00 PM
Former U.S. Treasury Secretary Robert Rubin and a grandniece of Walt Disney have added some star power to a group asking Congress to make the estate tax “robust” and “permanent.”
Rubin and Abigail Disney appeared today at a teleconference organized by United for a Fair Economy, Boston.
Rubin says in a statement that a progressive estate can help improve federal finances without hurting the economy. An estate tax can also help prevent a harmful “accumulation of inherited economic and political power,” he says.
The Economic Growth and Tax Relief Reconciliation Act of 2001 phased in a reduction in the estate tax from 2002 to 2009, then caused the estate tax to disappear this year. The tax is set to return in 2011 at 2001 levels, with a $1 million deduction and a 55% top rate.
