Posted on 06/23/2006 3:15:11 AM PDT by Oshkalaboomboom
Two weeks ago, the Senate killed an effort to repeal the federal estate tax on multimillion-dollar fortunes. The "no" votes were a stand for budget sanity and basic fairness. But the pro-repeal camp doesn't want to take no for an answer.
Yesterday, the House of Representatives passed an estate-tax cut that is a repeal in everything but name. The so-called compromise would exempt more than 99.5 percent of estates from tax, slash the tax rates on the rest and cost at least $760 billion during its first full decade. Of that, $600 billion is the amount the government would have to borrow to make up for lost revenue from the cuts, which would benefit the heirs of America's wealthiest families, like the Marses of Mars bar and the Waltons of Wal-Mart Stores. The remaining $160 billion is the interest on that borrowing, which would be paid by all Americans.
No lawmaker who voted for the compromise gets any points for moderation. Like the earlier full repeal bill, this one is unfair and grounded in intellectual dishonesty. The goal is not to pass good legislation, but to get this top priority for big-shot constituents nailed into law before the November elections produce a legislature that's more responsible on fiscal matters.
In an attempt to rally support, House lawmakers have included in the bill another, totally unrelated, tax cut — for timber companies, worth $900 million over the next three years. The measure, based on the theory that American timber companies are at a disadvantage in the global marketplace, is essentially a special-interest giveaway that would encourage every business with international competitors to demand its own tax break. There is much to reform on the competitiveness front, but it should be done comprehensively
(Excerpt) Read more at nytimes.com ...
I'm sure the fine folks over there will gladly give the money they've saved on the tax break back to the federal government. /s
The usual NYT crypto-Marxist crap. "Everything is the property of The State. The State will be pleased to allow you to keep that which it allows you to keep, and no more. From each according to his ability, to each according to his need."
For an approximate $20 billion in taxes, the estate tax seems rather minor. Eliminate the Estate Tax and get that money moving around in the economy, and eliminate $20 billion from the $29 billion of pork barrel spending, and the books will balance.
I always knew it was Wal-Mart's fault ;-)
OBTW, didn't they kill it with the 'filter-buster'???
The truly unfair aspect of estate taxes is that the same money gets taxed several times in a twenty or thirty year period. Once should do! My father outlived his mother by only ten years - the gov't got almost half of my grandfather's estate!
True, but Federal tax law does allow someone to collect the proceeds of a life insurance policy without paying any taxes on it. This is the way people with financial sense avoid facing an estate tax bill they can't pay.
The point is, it shouldn't take a bunch of financial sleight of hand, to avoid being taxed at death.
How many people do you know who make financial decisions on a regular basis based primarily on tax implications (i.e., the size of their mortgage, their 401k contribution, etc.)?
Oh, huge numbers, no doubt. Heck, my wife is a very competent, and very well compensated, tax accountant, so I'm more aware than most of how bad it is. It doesn't mean we should accept it, though. That's part of what the FairTax is all about.
I wonder -- is there a way to find out how much these morons make a year and post their tax returns for public derision?
Let's see how much they pony up for the taxman.
Hypocrites, every one of them.
An appropriate response would be to seize the inherited NY Times, sell it at auction, and give the money to the poor. Schultberger and his staff of pinkos could be put to work on a chain gang filling potholes .
The government has no business being able to control citizens lives so greatly via the tax system. That's not necessary to raise the funds required (and it's probable the estate tax is actually a net money loser anyway). It's not really their job either and it is noplace stated that way in the Constitution - in fact quite the opposite appears in several places.
Why should we allow government to continue to have such control and influence??? We shouldn't!!!
It's time for the FairTax!!!
To see why, check the FairTax website.
There's lots of helpful information there on many, many different topics. Check the FAQs and Rebuttals for example.
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