Bob Kerrey: “I look at it and I think it is unfair. I hear people say it only affects 2 percent of the population. I say 2 percent…”

“I look at it and I think it is unfair. I hear people say it only affects 2 percent of the population. I say 2 percent are getting the shaft. We ought to still try to help them, whether they are wealthy or not. I don't like the tax. What is more startling to me is 98 percent of the population do not have an estate over $650,000. Think about that, if $1,000 at birth, compounded at 10 percent, produces $650,000. I am not arguing that will happen over 60 years, but if you look at the Thrift Savings Plan, it has compounded at 18 percent in the C fund over the last 12 years. It is a remarkable rate of return. It is absolutely certain. If we want to help the 98 percent that don't have estates over $650,000, it is absolutely a mathematical certainty that we can do it. One cannot wait until 55. One cannot wait until 65. One cannot wait even until 45. Start early. The earliest possible moment is at birth. Open these accounts at birth and contribute early.”