Dems say oil execs, Bush Admin set to gain from estate tax repeal

[kpete]

Dems say oil execs, Bush Admin set to gain from estate tax repeal

RAW STORY
Published: Tuesday May 30, 2006

Democrats have prepared for an upcoming Senate battle over repeal of the estate tax by releasing estimated savings the repeal could equal for oil executives and members of the Bush Administration, RAW STORY has learned.

The Senate is set to consider legislation (H.R. 8) to repeal the tax, which has been law since 1916, next week.

Pointing to data indicating that 99% of the estate tax is paid by the highest-earning 5% of Americans, a report released by the Democrats indicates that CEO's of major oil companies stood to gain significantly from a repeal. Democrats' estimates put oil company gains at at least a "$200 million windfall." The family of one oil executive, Lee Raymond (the former ExxonMobil CEO), alone stood to receive a tax break worth over $160 million.

Democrats have also once again issued a 2005 Government Reform Committee report indicating that repealing the estate tax repeal would save the President, Vice President, and 11 cabinet members anywhere from $91 - 344 million.

http://www.rawstory.com/news/2006/Dems_say_oil_execs_Bush_Admin_0530.html

[WiseButAngrySara]

1. More of the same! knr. ....n/t

[rodeodance]

2. Bush Adm. does not govern--It takes for own purposes.

[TechBear_Seattle]

3. Nearly every member of Congress is part of that 5%

And those that aren't there themselves are in the pocket of those who are. They have to be; otherwise, there is no way to get enough money to reach Congress.

Don't expect anyone, Dems or not, to fight very hard to keep the tax.