More Than 99% Of The Kyl-Lincoln $250 Billion Estate Tax Giveaway Goes To Wealthy Families
More Than 99% Of The Kyl-Lincoln $250 Billion Estate Tax Giveaway Goes To Wealthy Families
Sen. Jon Kyl (R-AZ) and Sen. Blanche Lincoln (D-AR) have a $250 billion proposal to cut estate taxes for the children of multi-millionaires even more than George W. Bush already did, and it’s attracting a disturbing amount of support.
Their $250 billion proposal would raise the estate tax exemption from $7 million to $10 million per-couple and lower the top rate from 45% to 35%.
While opponents of the estate tax claim rolling it back protects small farms and businesses, the Center on Budget and Policy Priorities points out that “only 0.2 percent of the additional cost of the proposal, relative to [the Obama proposal], would go toward tax cuts for small businesses and farms.”
The rest of the cost, approximately $249.5 billion, would go to the inheritors of estates worth over $7 million. Paris Hilton, get excited.
Let’s make one thing clear: the estate tax affects a vanishingly small number of American families. Under President Barack Obama’s budget, over 99.7% of people who pass away wouldn’t pay a dime.
Apparently, however, this isn’t enough for some Senators, who would gut revenues needed for investments in health care, education and energy in order to reward the inheritors of massive estates with $249.5 billion.
16 Responses to “More Than 99% Of The Kyl-Lincoln $250 Billion Estate Tax Giveaway Goes To Wealthy Families”
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A tax on inherited wealth is vital to democracy because it prevents the formation of robber barons and people who are so wealthy that they can consider themselves above the law.
April 1st, 2009 at 3:20 pmAt a time when people are just about ready to riot against AIG executives and their bonuses, what do the Republicans think they are accomplishing by this kind of thing?
April 2nd, 2009 at 12:07 amRepublicans? Hell, Lincoln is a Democrat and this thing will pass unless enough Dems pull their heads out of the sand.
April 2nd, 2009 at 3:08 pmThe government has no right to tax success. That usually won’t stop liberals from sticking their nose into the private sector. It should be called the “jealousy” tax. Liberals contribute little or nothing to the upkeep of this country. The rich pay 95% of the taxes.
April 2nd, 2009 at 7:03 pmEd, that’s a crock of smelly bologna. You’re talking about what the rich would pay if they paid taxes. Clearly you hope to benefit by Sen. Kyles legislation.
April 2nd, 2009 at 11:03 pmThe rich pay taxes….massive amounts of taxes and Obama is raising taxes on the rich and only the rich. Well he says only the rich but as we are finding out all Obama promises have expiration dates attached.
I won’t benefit from Kyl’s legislation but my heirs will. If my heirs get the money it will be used wisely. If Obama gets the money it will end up in some junkie’s arm.
April 3rd, 2009 at 9:33 amMost of the wealthy in American inherit it. There are few “boot-strap” billionaires out there. By absolute luck, a child is born to wealthy parents, has the best of everything and never works for it. Look at Bush, born lucky and failed at everything. Give each child 100K and spread out the rest
April 3rd, 2009 at 1:07 pmHere’s an idea sparky. Exempt small farms and businesses from the tax.
April 3rd, 2009 at 1:35 pmEd,
The money won’t end up an a junkee’s arm, unless by junkee you mean “defense” contractor, and by arm you mean a private bank account in the Cayman Islands.
April 3rd, 2009 at 1:38 pmEd,
Please deal in facts, not feelings. Speaking of facts, it’s the so-called liberal states that contribute the vast majority of wealth to this country’s economy, and ironically receive the least amount per capita back from the government. I guess our only crime as liberals is being too generous with those who bite the hand that feeds. No, I’m not talking about drug addicts. (That conservative bugbear is soooo 1980s.) I’m talking about the people, like you, who vote without regard for anyone else — also known as conservatives.
You said, “Liberals contribute little or nothing to the upkeep of this country. The rich pay 95% of the taxes.” Actually, from 2003-2009, the top tax bracket paid 35% of income taxes. They also held a far higher proportion of the wealth of this country. Moreover, you simple-mindedly define “the rich” as the only ones who contribute. I take it you think the CEO of a corporation doesn’t need — absolutely, positively need — the labor of others to find “success”? It takes over 10,000 people to keep my company going, though I can’t speak for yours. Trust me, the CEO is doing just about the least of anyone to get their hands dirty and actually create wealth.
Also, I wonder if you’ve heard of a progressive tax code? A lot of conservatives get confused on this. To keep it simple, you pay the same rate as everyone else on your first $18K, your next $12K, etc.
Moreover, regarding your inane “taxing success” comment — do you think “success” is some metaphysically special event that occurs outside the normal realm of external causation and interconnectedness? What a toddler-level notion. If it weren’t for the collectivists, your environment would be destroyed, your air and water would be toxic, you wouldn’t have roads, you wouldn’t have safe food, etc. etc. etc. You know, all the things you need but take for granted.
You wrote, “If my heirs get the money it will be used wisely.” The problem is that you clearly don’t know what wisdom is, as wisdom requires you to see the bigger picture. It requires you to think not only of yourself. Again, toddler-level stuff here.
On a side note, if you can explain to me what it is about caps lock (”ED NELSON”) that fascinates you and your fellow wingnuts, I would appreciate it. Do you think it changes the underlying irrationality of your arguments?
April 3rd, 2009 at 2:33 pm“Trust me, the CEO is doing just about the least of anyone to get their hands dirty and actually create wealth.”
Dan
Let me guess, you have a union card in your wallet.
The rest of your post is just that never ending liberal whining.
April 3rd, 2009 at 6:15 pmYou know Sparky,
When you come on a predominantly liberal blog, and dismiss well structured comments as “never ending liberal whining,” without actually responding to anything, it tells us that you’re simply another meaningless and lowly right-wing troll . .
April 3rd, 2009 at 9:12 pmThank you Dan,a lot of people don`t understand Red State(southern) Socialism and that it is in their backyard.They don`t get it and never will, but who are they going to blame for their govs not partaking in the stim money?The SHEEPLE on the Reich will not rise up in the south and tell their govs they want help and that they need help. The Southern Red states would rather starve to death,get a lousy education and have no police or fire protection than ask for stim money.
April 4th, 2009 at 9:05 amStim money? There is no stim money. There is borrowed money and printed money. Pelosi put together a pork package as pay back. 60% of that money won’t be spent until 2012 or later. That will not stimulate the economy now.
I get a kick out of you guys that think only the top 2% of earners are going to pay for Barry’s dog and pony show.
btw educating your kids is your responsibility not the taxpayer’s.
April 4th, 2009 at 9:55 am“another meaningless and lowly right-wing troll . .”
Elbora
Anyone that isn’t a Socialist, Marxist, Communist, Enviro-Nazi, tax and spend Leftie is a troll, we all know that.
April 4th, 2009 at 12:34 pmWhat a real Republican had to say…
Pres. Lincoln:
April 6th, 2009 at 8:50 pm