Toward the Estate Tax Revival

A former Treasury secretary, a labor union leader, a hedge-fund billionaire, and an heiress all agree: “The estate tax’s impending revival couldn’t come at a better time.” A recent conference united influential people from diverse backgrounds in favor of reinstating the tax: “Former Treasury secretary and former Citi chairman Robert Rubin…argued that the current deficits are unsustainable, and public investments in infrastructure and education are necessary to keep America strong. ‘Our country faces tremendous unemployment and shortfalls in investment, and we have a fiscal path that is unsustainable and dangerous in many different respects,’ he said. And since the estate tax ‘supplies revenues with no adverse supply-side effects,’ the proceeds could be used for deficit reduction, for public investments, or to help people afflicted by the economic crisis.”