On the eve of the election, it seems like a good time to highlight one of the tax provisions that Mitt Romney says he would wholeheartedly support–one that would increase taxes on millions of working people.
Right now the estate tax applies only to estates worth more than $5 million ($10 million for married couples). Republicans in Congress want to keep these high levels instead of the still-generous $3.5 million/$7 million for couples that were in effect in 2009.
How many people would actually benefit from these highest-wealth tax breaks? The estates of about 7,000 individuals or families nationwide.
How would the Republicans pay for this break, which saves the wealthiest about $1.1 million apiece?
They would slash the child tax credit and the Earned Income Credit, which combined help more than 13 million working families. That’s right–they would increase taxes on 13 million families to pay for a tax break on 7,000 estates.
These numbers are stunning. In the swing state of Virginia, for example, 220 estates would get the seven-figure tax break. Yet 275,000 families, including a half-million children, would pay for it.
The New York Times has all the gory details here.