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  • Friday, August 26, 2005

    Oh those poor uber rich

    The top two percent has to go through the hardship of being in the only group in America whose income hasn't stagnated or declined since the 1970s and they are the the poor souls who have to pay estate tax. Their burden just tugs at my heartstrings. Well, come September, the Republican Senate will be returning to vote on whether or not to give their "base" a further break at the expense of the nation or not by permanently eliminating the tax. From United for a Fair Economy

    Two percent of Americans are now subject to the estate tax. These are people with estates larger than $1.5 million ($3 million for a couple). Half of all estate taxes are paid by the top 0.14% of Americans. These are people with estates larger than $5 million.

    If we reformed the estate tax to exempt the first $3.5 million ($7 million per couple), then only the top 0.25% of Americans would pay any estate tax at all. That's the wealthiest one out of every 400 people. Yet we would save $460 billion in revenue between 2014 and 2023.

    Those not happy with this attempt to strip a trillion dollars from the U.S. tax base can petition here.

    5 Comments:

    At 8/30/2005 02:05:00 am, Blogger Dumb Hillbilly said...

    And why exactly do you care about the US tax base?

     
    At 8/31/2005 02:57:00 pm, Blogger DJEB said...

    Because I care about human beings. This policy would be harmful to most Americans and I see no reason why most people should suffer for a policy that only benefits the elite. Is there something wrong with wanting Americans to benefit from the best policy choices?

     
    At 9/01/2005 12:29:00 am, Blogger DJEB said...

    Is there?

     
    At 9/01/2005 11:47:00 pm, Blogger DJEB said...

    Hello?

     
    At 9/08/2005 02:01:00 am, Blogger DJEB said...

    Senate Mojority Leader Frist has agreed to put off voting on the repeal of the estate tax in light of Katrina.

    Still the world wonders if there is something wrong with wanting Americans to benefit from the best policy choices, Dumb Hillbilly.

     

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