Middle Class Opposes. The estate tax, the most progressive component of the federal tax code, applies only to Americans lucky enough to inherit substantial fortunes. In fact, only 0.6% of deaths result in taxable estates. By taxing inherited wealth, the tax preserves the American tradition of rewarding hard work, not inherited privilege and wealth. Although the amendment does not fully repeal the estate tax, as has been proposed in the past, the legislation would still cost approximately $442 billion over ten years compared to current law. This significant reduction in revenue would benefit only the wealthiest 3 of every 1,000 American estates worth millions of dollars. While conservatives argue that the estate tax harms small farms and business, very few such estates are subject to the tax.

The amendment would adversely affect aspiring middle-class and middle-class Americans by burdening them with more of the cost of public services while allowing accumulated wealth to be passed on for generations. Those who work for their money would be forced either to pick up a bigger share of the tax bill or to suffer cuts in services essential to middle-class families and communities.