Posted on 05/04/2006 4:12:50 PM PDT by Karl Rand
Eighteen of America's wealthiest families, including the Timkens of Canton, are bankrolling efforts to permanently repeal estate taxes that would save their families a total of $71.6 billion, according to a report released Tuesday by public interest groups.
Groups funded by the super-rich have engaged in a deceptive campaign to convince the public that estate taxes cause widespread problems for small businesses and family farms when they actually affect about one in 370 estates, said the report released by Public Citizen and Boston-based United for a Fair Economy.
This year, all assets under $2 million for individuals and under $4 million for couples are exempt from estate taxes. Current tax law will boost those exemptions to $3.5 million and $7 million in 2009, eliminate the estate tax in 2010, and reimpose it in 2011 with a $1 million exemption.
Ohio Sen. Mike DeWine wants to repeal the tax because he says it hinders economic growth and penalizes society's most productive members, while Sen. George Voinovich says the cost of eliminating it is too great: about $290 billion over the next 10 years. Voinovich would prefer a compromise to elevate the minimum threshold for estate tax liability to $3.5 million and regularly adjust it for inflation.
Groups that support estate tax repeal say they're close to getting the 60 votes they need. Grover Norquist of Americans for Tax Reform says 68 percent of Americans want the tax eliminated. He says estate taxes affect a broad range of people and dismissed the report's contention that it only affects the super rich as "tired rhetoric of hate and envy."
(Excerpt) Read more at cleveland.com ...
The politics of envy and greed, as polished up by Karl Marx and his descendants.
"eliminate the estate tax in 2010"
A year of suspicious deaths of the super rich I predict.
They avoid the real issue, which is that government stealing any percent of a family legacy is wrong no matter the amounts involved.
Hell they don't know what "WRONG" means. There is no point debating the issue from there.
Who's money is it, anyway?
If this isn't communism, what is?
Ya know, I could swear granny mentioned something about dad looking a whole lot like her old rich boyfriend Timkens...
envy is an ugly thing.right up there with Helen Thomas.
Absolutely, considering the richest families (Gates, Soros, etc.) have been the biggest opponents of repealing this tax. Why? Because they don't have have to pay it anyway, protecting their money in tax-exempt foundations (among other shelters). The estate (death) tax hurts small businesses and the middle/upper-middle class exclusively.
In 2010, I would not want to be a wealthy person with ruthless heirs.
The Government's, silly. The fact it has already been taxed once is immaterial. Be glad you get to keep any at all!
Socialists are almost as brainless as muslims. They make the most outrageous statements hoping no one is smart enough to see through the BS...
One in 370 sounds like "Oh my God! almost nobody is affected but the super rich!"
If we have 150,000,000 households in the US, that would come to 405,500 households; hardly "nobody but the rich".
Oh Heavens! Not only super rich but they lied!
Just kill them all you fnbs!
...might as well do me too!
Then you can steal what little I have.
How's that for a plain deal?
Confiscating it at the source, with high taxation.
Hillary Clinton 2008 campaign promise.
United for a Fair Economy is a national, independent, nonpartisan, 501(c)(3) non-profit organization. UFE raises awareness that concentrated wealth and power undermine the economy, corrupt democracy, deepen the racial divide, and tear communities apart. We support and help build social movements for greater equality.
"From each according to his abilities, to each according to his needs." -Karl Marx
Another opinion piece masquerading as news reporting.
Its wrong for the rich (George Sorros for example) to campaign to keep their own money and pass it on to their children but I guess its alright though for the rich to campaign to for the government to take more of other peoples’ money and to take away the rights of the common man to practice his faith and to take the lives of the unborn.
Good - I'm glad they are fighting taxes. Everyone will benefit if they win. Thank you rich families of America. Where would we be without you? /not sarcasm
That is because the 'Rats tax the middle class so heavily they can never save that much.
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