Super Wealthy Deathly Afraid Estate Tax Would Reduce Deficit

[Joanne98]

One of the conservative goals former President George W. Bush was unable to get through the Senate was "making the tax cuts permanent." He only got them passed -- using Senate budget reconciliation rules -- by employing a budget gimmick to mask the 10-year cost.

Simply make all the tax cuts expire in 2011, producing tons of revenue at the very end of the time period the Congressional Budget Office was using to estimate total costs.

Bush, those conservative congresspeople and their corporate patrons never intended to stick with that plan. They always assumed Congress would face intense pressure to keep all the tax cuts, no matter what the economic and fiscal picture.

Not that the middle-class tax cuts would expire. President Obama appears committed to keeping those. But those massive tax breaks to the superwealthy don't quite have the same juice they used to.

Especially, the estate tax -- levied on the inheritances of the wealthiest heirs in America.

This year, because of the Bush tax plan from his first term to gradually phase out the estate tax altogether, the estate tax is literally wiped off the books.

But in 2011, it returns! Inheritance income above the $2 million threshold would be subject to a 55% tax.

Continued>>>>
http://www.huffingtonpost.com/bill-scher/superwealthy-deathly-afra_b_490567.html

[no_hypocrisy]

1. Gives a new spin to Alan Grayson's comment of "Hurry up and die".

A lot of would-be heirs will be crying at midnight New Years Eve if their loved ones don't die this year.

[mod mom]

2. If the GOP is so concerned about the deficit why aren't they backing an estate tax on the rich?

Their policies caused not only the deficit but the economic meltdown (aided of course by the DLC). If the Dems had the balls to scream this to the average American we could make serious progress. Instead we have those who surround the president responsible along w their DLC brethren.

[Demeter]

3. The Only Deficit That Worries Them

is the one they created, spending social security funds on illegal wars and tax cuts for themselves. Now that the bill is due, they don't want to have to pay it.

But the people who paid those taxes already are in no position to pay them yet again. So suck it up, Obscenely Wealthy.

[bemildred]

4. There is an obscene amount of money sequestered in these giant estates.

And it would indeed fix the deficit and provide health care and do lots of other things. You fix the estate tax and throttle the Pentagon, and we would be rolling in dough again.

[Aviation Pro]

5. But, but, but.....

...I'm a member of the lucky sperm club! I deserve that money! It's mine, mine, mine!

Fuck off and die you fucking wastes of zygotes.