Ex-Fed chair opposes death tax elimination

UPI ^ | 3-1-04

[Indy Pendance]

WASHINGTON, March 1 (UPI) -- U.S. Business leaders including former Federal Reserve Chairman Paul Volker came out Monday against President Bush's call to abolish the federal death tax.

Volker says repeal of the death tax is "poor tax and social policy" but is also, given the recent increase in federal indebtedness, "fiscally irresponsible."

Working with a national network of business leaders and others who say they are "concerned about deepening economic inequality," Volker and others want to persuade Congress to reject Bush's call for permanent repeal of the federal death tax. The group, Responsible Wealth, claims the initiative would reduce federal revenues by nearly $1 trillion over the next 20 years.

Volker will bring his latest crusade to Washington later this month where, along with Bill Gates, Sr. -- the father of Microsoft founder Bill Gates -- he will give a major speech on the subject.

[Indy Pendance]

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[Rome2000]

former DEMOCRAT Federal Reserve Chairman Paul Volker

[TheExperiment_Is_Over]

Working with a national network of business leaders and others who say they are "concerned about deepening economic inequality,"

As they ship our jobs oversea!

[GEC]

Leave it to the UPI to not even SPELL HIS NAME CORRECTLY!!!

It's Paul Volcker, not Volker.

I think the guy without the "c" is an artist.

[sergeantdave]

NEWS FLASH!

Socialists oppose tax cuts. State knows how to spend your money better than you.

Now back to our regular scheduled program: "Shopping for Wheelbarrows With the Fed Chairman."

[nicollo]

The best possible case to be made against the Inheritance Tax is the Ford Foundation -- and not just because of the Leftist idiocy that it is.

As old Henry aged and the cost of transferring his wealth to his heirs became apparent, the family had to choose between losing the company or losing Henry's shares. They gave up a huge stake in the company for "charity" in return for maintaining voting control of the company.

The Ford Foundation was a tax dodge pure and simple.

As with income taxes, inheritance taxes are only paid by those who can't afford the best lawyers or the best tax shelters, or, as ever, both.

Nicollo unmasked: Bromleyisms here

[LibLieSlayer]

When you take the time to explain the "death tax" to the average voter, you will find few that will agree to the government taking half of anything that will be "theirs" someday. I think the "dims" will find this a hard sell (outside of certain "special interest groups").

It is simple redistribution of wealth, with the government reaching right into the grave and seizing a man or woman's life's worth. Both Federal and State entities have taxed this income previously in any number of ways.

"Sorry Mr. Jones. You're just going to have to sell this family business, 'cause Ole Uncle Sam's gotta have his cut"...

This is both immoral, and unconstitutional!

LLS

[Gringo1]

The operative words here are "former Fed Chairman" which means we are free to not listen to a darned thing he says.

[Doe Eyes]

Socialists oppose tax cuts. State knows how to spend your money better than you.

If you haven't noticed, there is not much correlation between taxes and spending.

[Solson]

Yeah Volker....I mean why would we want to make it easy for one generation of hard workers to transfer their businesses to their next generation? Keep the Death Tax and stop the problem of small business success!!

[NativeNewYorker]

Lifelong Democrat, Carter appointee and worshipper of the State opposes capital accumulation in private hands. Shocking.

[ApplegateRanch]

Volker says repeal of the death tax is "poor tax and social policy"

Typical, trying to confuse the purpose of taxes, with "social policy".

Go "volk" yourself, Mr. Volker...but don't reproduce in the process. One of you is too many.