Subject: Support for UFE proposal Comment: I am writing to express my full support for the estate tax reform proposal submitted by United for a Fair Economy and Responsible Wealth to the President's Advisory Panel on Federal Tax Reform on 4/29/05. One major benefit of this proposal is that it would preserve the estate tax as a source of revenue, lessening the burden on other sources to supply the budget for health care, education, and public works. I agree with Senator John McCain that tax breaks for the wealthy during a time of war are irresponsible and unprecedented. I believe that the intent of the estate tax is honorable and necessary. It provides a necessary mechanism to counteract the accumulation of wealth in the hands of a select few, promoting national economic vitality and competition. Although the current estate tax system may be flawed, the US government is no longer in a surplus position where it can spare any source of income. The federal government counts on the revenue brought in by the estate tax to fund its many social programs for the betterment of society. Elimination of the estate tax fails to address the fiscal and social needs of our country that the estate tax currently fills. I further agree that the estate tax should be progressive, based on income and/or assets, instead of a flat rate for all citizens. Placing more of the fiscal burden on those citizens who are better equipped to handle it makes intuitive sense. Thank you, Lisa Treat Somerville, MA 02145 treat@mit.edu |