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Activists: Estate tax repeal will cost Maine $166 million-year
wmtw.com ^
Posted on 10/20/2003 2:11:17 PM PDT by chance33_98
Activists: Estate tax repeal will cost Maine $166 million-year
Monday,October20,2003,10:54 AM
AUGUSTA (AP) -- Activists opposing the permanent repeal of the estate tax are saying the repeal will force more federal borrowing and deflect money for needed state programs into the pockets of the wealthiest two percent of Americans.
The group released two reports Monday morning detailing the impact of repeal on Maine's biennial budget and nonprofit organizations in Maine.
Unless the estate tax is permanently repealed, it will disappear in 2010 and reappear a year later.
A 2001 law gradually reduced the tax rates on inherited estates and repealed the tax as of 2010. But Senate rules designed to limit budget deficits forced lawmakers to make the repeal expire in 2011.
Activists say the estate tax now accounts for about $30 billion a year in federal revenue and $166 million for Maine. They say permanent repeal will make it tougher for Maine to balance its budget and provide needed services.
President Bush wants Congress to make the estate tax repeal and other tax cuts permanent. He says those tax cuts are a key to building confidence among employers and strengthening the economy.
TOPICS: News/Current Events; US: Maine
KEYWORDS: confiscation; death; dirtnap; pinebox; robbingthedead
To: chance33_98
A 2001 law gradually reduced the tax rates on inherited estates and repealed the tax as of 2010. But Senate rules designed to limit budget deficits forced lawmakers to make the repeal expire in 2011. I guess if you want to fully exploit this tax break, you'll have to plan to off yourself in 2010.
2
posted on
10/20/2003 2:12:57 PM PDT
by
dirtboy
(Cure Arnold of groping - throw him into a dark closet with Janet Reno and shut the door.)
To: chance33_98
Two words and a concept foreign to virtually every politician in the land: CUT SPENDING.
3
posted on
10/20/2003 2:15:29 PM PDT
by
scory
To: chance33_98
How about living within your means and cutting welfare payments back and stop buying laptops, or supporting somaili terrorists.
4
posted on
10/20/2003 2:16:00 PM PDT
by
dts32041
(Is it time to practice decimation with our representatives?)
To: chance33_98
And if they didn't have it so high how many former Mainers might have stayed?
To: Semper Paratus
I probably would have, and I didn't have a pot to pee in.
Maines taxes just suck.
6
posted on
10/20/2003 2:20:35 PM PDT
by
dts32041
(Is it time to practice decimation with our representatives?)
To: chance33_98
Estate tax repeal will cost Maine $166 million-yearHow can it cost a state? It's not the state's money.
7
posted on
10/20/2003 2:21:28 PM PDT
by
Sir Gawain
(Stop acting like Richard Cranium)
To: chance33_98
MAIN - Where we're just waiting for you to die.
8
posted on
10/20/2003 2:21:51 PM PDT
by
OXENinFLA
To: OXENinFLA
E
whoops
9
posted on
10/20/2003 2:22:06 PM PDT
by
OXENinFLA
To: SheLion
ping
10
posted on
10/20/2003 2:23:39 PM PDT
by
facedown
(Armed in the Heartland)
To: chance33_98
Estate tax repeal will cost Maine $166 million-year
New Headline: Estate tax repeal will give Maine taxpayers $166 million-year
To: chance33_98
Maine fun fact: Maine is the only state with a one syllable name.
To: chance33_98
Activists opposing the permanent repeal of the estate tax are saying the repeal will force more federal borrowing and deflect money for needed state programs into the pockets of the wealthiest two percent of Americans. Put this statment through the truthometer and it comes out: Activists concede that state spending programs funded by the estate tax divert $166 million from the pockets of taxpayers into the coffers of bureaucrats.
To: chance33_98
NEWS FLASH TO STATE : It's not your money ... you only get it at the point of a gun.
14
posted on
10/20/2003 2:46:17 PM PDT
by
Centurion2000
(Virtue untested is innocence)
To: chance33_98
CORRECTION:
Estate tax repeal will save Maine's citizens $166 million-year.
15
posted on
10/20/2003 2:48:33 PM PDT
by
Recovering_Democrat
(I'm so glad to no longer be associated with the Party of Dependence on Government!)
To: chance33_98
Here's a good place to cut spending... Do not put crazy people on the river!!!! They want to renovate the old water works and convert it for housing to hold our mentally ill. Bright idea, put the mentally ill right on the edge of the river. This would cost millions and be dangerous to boot. For those not from Maine, the old water works is a run down but historic building. If they were to house the mentally ill it would muddle the building and cost a fortune. Each unit would cost around 150,000 for a one bedroom living area. The slate roof would be replaced with metal. Idiots.
To: Sir Gawain
It will not decrease tax collections by $166 Million. It may cost Maine that sum in estate tax collections, but with folks keeping more of their own money longer, rather than giving it away to their often times less successful kids, who are in lower income tax brackets (or if as I suspect, residents of Maine are older on the average than the rest of the country, giving it away to kids who live outside of Maine) they will collect less income and capital gain taxes from the interest, dividents, and capital gains realized by those younger kids.
17
posted on
10/20/2003 3:36:50 PM PDT
by
Tom D.
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