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Kyl Estate Tax Amendment Would Cost Nearly as Much as Estate Tax Repeal

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Publication Date: March 2008

Publisher(s): Center on Budget and Policy Priorities (Washington, D.C.)

Author(s): Aviva Aron-Dine

Special Collection: John D. and Catherine T. MacArthur Foundation

Topic: Banking and finance (Taxation and tax policy)

Keywords: Economic projections; Fiscal future; Tax code; Income diversity

Type: Report

Abstract:

Permanent repeal of the estate tax would reduce revenues by almost $1 trillion between 2012 and 2021, the first ten-year period in which its costs would be fully felt. With the economy slowing and deficits returning — and with far larger deficits projected for future years--there is increasing recognition that estate tax repeal is unaffordable. The estate tax “reform” proposal offered by Senator Jon Kyl, however, differs little from full repeal.