BUSH'S HEIR CUT: AWARDS TAX BREAK TO SON OF AN ASTOR - Greg Palast

[helderheid]

BUSH'S HEIR CUT: AWARDS TAX BREAK TO SON OF AN ASTOR

For The Guardian, Comment Is Free
Monday, July 31, 2006


East Hampton, New York -- Anthony Marshall, the tabloids tell us, wouldn't buy his elderly mother her prescribed medicine, locked her poodles in the pantry and refused to buy her hair dye or her favorite make-up. His mom is Brooke Astor, the ultra-rich socialite, now frail, helpless and dependent on her son.


While others merely gossiped about this tragedy of dogs and cosmetics, George Bush acted. In a deft maneuver at the end of last week, Bush rammed through Congress a massive reduction in the inheritance tax. As a result of the tax change engineered by the White House, Marshall stands to save $9 million on the $45 million he expects to inherit from his mom.

George W. Bush could feel Anthony's pain. It's not easy being a child of incredibly wealthy parents. Indeed, as the President noted, "death taxes" are supremely unfair to those who've earned these millions. As Mr. Bush often mentions, he himself worked long hours his whole life to be born into a rich family.

Our President recently told the Detroit Economic Club that, in an era of government belt tightening, “Spending discipline requires difficult choices.” But this choice was easy as pie: the President chose to use our tax dollars to reduce the burden on the most deserving. And who could be more deserving than Barbara's kids? The President himself, who stands to inherit well over $76 million from his parents, will save at least $12.7 million. Talk about family values!

This year, the President's budget eliminated the $255 paid to widows of social security recipients. But who needs a measly $255 when you're going to save millions on the estate you inherit?

Here's how much your family will save, if your family is the Astors. Under current law, Anthony would have to pay the government 46% of his profits from his mother's death, after the first tax-free $2 million. Now, Anthony will get the first five million tax-free and the tax rate on the rest is cut in half.

More at link....



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Greg Palast is the author of the New York Times bestseller, "ARMED MADHOUSE: Who's Afraid of Osama Wolf?, China Floats Bush Sinks, the Scheme to Steal '08, No Child's Behind Left and other Dispatches from the Front Lines of the Class War." To find out more about the book and to read Palast's reports go to www.GregPalast.com You may change your email address or unsubscribe from the newsletter member page. (If you don't have a password for the member page, you can have one sent to you.)

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[AzDar]

1. Excellent piece....n/t

[Canuckistanian]

2. Interesting story about Robert Durst

http://www.crimelibrary.com/notorious_murders/classics/robert_durst/

A real scumbag.

Another interesing factoid - Durst's wife's disappearence was investigated by then-DA Jeannine Pirro, the future (failed) opponent of Hillary Clinton.

[helderheid]

3. woah!

[McCamy Taylor]

4. This looks like the GOP has admitted defeat this fall. This legislation

hurts them with voters who are sick of tax breaks for the rich. On the other hand, if they wait and Dems take over, the rich will never get their tax break. The GOP gambles that Dems wont be able to over ride the veto to undo this crap bill if the take back Congress.

[Quantess]

5. That druggie Chimp

thinks he can do whatever he wants.