Sunday, April 30, 2006
Did you ever wonder why?
Why does the hugely rich and relativly tax free base of support for Our Dear Embattled Leader want to eliminate the Estate Tax? The Cleveland Plain-Dealer has an explanation that is easy to understand.
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.The loss of $71.6 Billion from the revenue stream would have to be made up by those folks who don't have quite so much money. That would be you and me. And just in case you might be suckered by the arguments of Grover Norquisling and others of his ilk, no, they would not be poor after they paid their fair share of taxes. The kids might end up broke after they spend all their windfall on fast cars, loose women and whiskey, but that is their problem, no ours.
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,
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