The Obama administration has made considerable progress over the past eight years to make our tax code fairer. This week, the Treasury Department is building on that progress through proposed new rules closing a loophole that allows some wealthy families to avoid paying their fair share in estate taxes.
Repealing the estate tax isn't just a boon for the 5,500 wealthiest Americans; it is a bust to federal taxpayers, who would be on the hook for its quarter-of-a-trillion-dollars cost. And it gets worse: Combined with other tax bills approved by House Republicans so far this year, our debt would grow by $584 billion to finance tax cuts for the wealthy.
In a nation where millions of working families still can't earn enough to pay rent, pay the bills, and put food on the table at the same time -- and where in fiscal year 2013 there were 4.9 million households with no income but SNAP, including 1.3 million households with children -- relying on the charity of PB and J Day is not a substitute for justice.
In the House and Senate budget proposals for fiscal year 2016, passed with only Republican votes at the end of March, there are big winners and big losers. The big winners are defense spending and contractors and very wealthy people and powerful special interests. The big losers are children, our poorest group in America, and struggling low- and middle-income families.