Trust Fund Kids For Norm
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The Truth About the Estate Tax

 Trust Fund Kids For Norm


Seriously though,

  • While many on the right would like you to believe that the Estate Tax will heavily tax your children upon your death, the truth is that unless you leave your children in excess of $2 Million dollars (or $4 Million dollars as a couple) the Estate Tax will not apply to you.

  • The Estate Tax is only paid by the top .27% of estates in the country.

  • Almost 3/4 of the Estate Tax payees have an estate in excess of $5 Million dollars.

  • Repealing or reducing the Estate Tax would leave up to a $1 Trillion dollar hole in the Federal government's general fund over the next decade. And this does not include the impact repeal will have on charity.

    • What's at stake for Minnesotans:

  • This $1 Trillion hole in the federal budget would force budget cuts in Minnesota. Minnesota families in need would suffer in the following ways:

    • 1,300 Children would lose Head Start Programs.
    • 5,000 Children would lose Child Care.
    • 5,400 Households would lose housing vouchers.
    • 9,900 families would lose Women, Infant, and Children food vouchers.
    • 8,400 Households would lose energy assistance.
    • 14,300 people would lose Medicaid.

This is a total of 44,300 people in need losing important benefits so 386 of the richest estates in Minnesota get a tax break.[*]

  • Repealing or reducing the Estate Tax would allow the transfer of these large estates having never had the bulk of the estate taxed.
    - This is because the bulk of large estates are made up of unrealized capital gains which have never been taxed.

  • The Estate Tax is our most progressive tax.
    - Repealing or reducing it would shift more taxes onto middle class and low income families.

  • Allowing untaxed generational wealth is Un-American.
    - Widening the gap between the haves and have-nots places even more power in the hands of the extremely wealthy.

  • A call to action - Please call Senator Norm Coleman at his office in Washington D.C. and tell him to support Minnesota's Families by opposing a repeal of the Estate Tax. You can contact Senator Coleman at (202)224-5641.
    * USAction Education Fund, Setting the Right Priorities: Why Minnesota Can't Afford Repeal or Drastic Reduction of the Federal Estate Tax, 2005

    To get involved please contact John Noonan at (651)797-2479 or noonan.john.p(at)gmail.com