If 500 people read this article, odds are only 1 of them will be in a position to be affected by the estate tax. That’s because the estate tax is paid exclusively by multi-millionaires and billionaires – roughly 1 of every 500 taxpayers. In fact, in 2013 only 4,700 people paid the estate tax. That’s the top .2% of taxpayers. In other words, people who can afford it.
That’s why Ben, Jerry, and hoards of other concerned taxpayers are rallying against the repeal of the estate tax. Even Warren Buffet, one of the wealthiest people in the country, has said that a repeal of the estate tax would be a mistake. The estate tax asks our country’s wealthiest elite to contribute a little more toward the greater good. At a time when the gap between the rich and the poor has grown to its widest point ever, yet another tax break for the rich will only make that gap wider.
When Jerry and Ben started their business all those cones ago, it was with support from taxpayers – through universities, the Small Business Administration, and a Federal Urban Development Action Grant. Without that support, there may never have been Cherry Garcia or Chunky Monkey.
This past March, the Senate approved a budget amendment that would repeal the tax, and in April, the House followed suit. Now the tax is in jeopardy of going the way of Wavy Gravy if we don’t take a stand against the repeal.
The estate tax has been in existence for a century, with the goal of preventing the US from developing a wealthy aristocracy. Today, the tax is only paid on estates worth $5.4 million, or $10.8 million if owned by a couple.
So let’s keep the estate tax in place. Repealing it essentially amounts to a tax giveaway for wealthy campaign donors, and could have detrimental consequences for our economy.
Our co-founders' MoveOn.org petition to retain the estate tax has been immensely popular, garnering over 200,000 signatures in less than 7 days. Join us! Sign the petition today to tell Senate Democrats to stand united against the repeal.