KENNEDY OFFERS AMENDMENT TO RETAIN ESTATE TAX; GIVE WORKERS A RAISE
Washington, D.C. – As Congressional Republicans rush to give a massive tax cut to wealthy corporations, Congressman Joe Kennedy III today offered an amendment that would extend the Earned Income Tax Credit to working childless adults by maintaining the estate tax. According to the Center on Budget and Policy Priorities, the federal tax code currently taxes roughly 7.5 million childless adults into or deeper into poverty, while only 5,460 individuals with estates valued at more than $5.5 million will owe any estate tax this year.
“Asking the millions of hardworking Americans who are literally taxed into poverty to sacrifice a little more to protect wealthy heirs is shameful. Although the GOP tax plan in its current form is unsalvageable, maintaining the estate tax so that we can give childless adults working paycheck to paycheck a raise should be an improvement all of my colleagues can support. In fact, even Speaker Ryan once endorsed this idea.”
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