United for a Fair Economy * National Committee for Responsive Philanthropy

A Petition to Preserve the Estate Tax

Signed by Charitable Foundation Staff, Trustees, Board Members,
and Leaders

United for a Fair Economy and the National Committee for
Responsive Philanthropy invite all charitable foundation staff,
trustees, board members, and other foundation leaders to sign
this petition in favor of preserving the estate tax.

To sign this petition, please fill out the interactive sign-on form.

Charitable foundations have a profound stake in maintaining the estate tax. It is not simply a matter of preserving the billions of dollars of charitable bequests that flow to charities as a result of the estate tax. Retaining the estate tax - preventing the proposed repeal - is essential for philanthropy, for our democracy, and for the economy.

As foundation trustees and foundation executives, we believe the estate tax should be retained. It is a key component in our nation's progressive tax structure. If problems exist with the tax, then we should modify it - not repeal it.

As philanthropic leaders, we know the importance of the state and federal revenues generated by the estate tax and how these resources are used to address community needs. We also know that only 2% of the nation's population are subject to the estate tax. Half of all estate taxes are paid by the wealthiest 0.1% of the population - just one out of every 1,000 Americans.

We also know that eliminating the estate tax would have a devastating impact on charitable bequests. The U.S. Treasury Department has estimated that there would be a $5 billion to $6 billion loss in charitable bequests if the estate tax were eliminated. Other estimates range from a drop of 12% to almost 80%. Foundations - existing and new - are the beneficiaries of approximately one third of those bequests.

Foundation leaders have a powerful role in American civil society. We are involved in issues concerning democracy and quality of life. The proposed repeal of the estate tax would have a direct negative impact on our work. Accordingly, the estate tax should be preserved, not simply because of its role in charitable giving, but also because of its contribution to a fair tax structure that mitigates economic inequalities and prevents the over-concentration of wealth and power.