By Kevin Bogardus - 07/21/10 05:20 PM EDT
“You would actually increase demand, not decrease demand, if you restored the estate tax immediately,” Rubin said.
Rubin said restoring the tax on the wealthy is good economic policy because the new revenue could be used for important fiscal priorities, such as continuing assistance to the unemployed or paying off the national debt.
Trumka said the government revenue could also be used for job creation measures, such as aid to state and local governments or infrastructure projects.
Restoring the tax is vital for reducing the deficit, Trumka said.
“Anyone who is for deficit reduction but is opposing reinstating the estate tax is clearly residing on a different planet than working people who are struggling in this economy right now,” Trumka said.