All of should watch estate tax issue

Congress currently has bills pending that would repeal or lessen the federal estate tax. Repealing this tax would constitute another enormous tax cut for the heirs of the wealthiest at the expense of the middle class. Not everyone may be aware there is already an estate exemption for everyone in 2008 of $2 million ($4 million for couples) that increases to $3.5 million ($7 million for couples) in 2009 on every estate. This tax does not need to be repealed nor lessened.

If repealed, this will be another shift in a larger share of taxes to the middle class at the benefit of a few heirs of multi-millionaires. There are various estimates the cost of removal of this tax would add to the already burdened national debt by over a trillion dollars over a 10-year period.

If a change is necessary, an inflation indexed exemption should be used. To repeal or lessen this tax is irresponsible and will add more billions to the already absurd national debt. When our politicians talk about the estate tax, they are talking for their wealthy friends and fail to mention this tax probably won't even affect you because of the generous existing exemption. They lead you to believe everyone is paying an estate tax. I urge you to talk to your congressmen. Believe me, the wealthy are talking to theirs.

Leo A. Dietrich

Lake Villa