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S A T U R D A Y , J U L Y 3 0 , 2 0 0 5Tax Cuts For The Super Richby Michael in New York on
7/30/2005 11:55:00 AMUSA Today has a very good editorial spelling out why the"death tax," aka a big fat tax break for the already super-wealthy, is absurd at any time, much less when we're fightingmassive deficits and the draining cost of war in Iraq. Somehighlights:Just 1% of estates paid any estate tax in 2003, accordingto the IRS. Three quarters of the money raised from the taxcomes from estates of more than $5 million....Of the more than 18,000 estates paying the tax last year,just 340 consist primarily of a single farm or smallbusiness....The Senate measure, which is still being negotiated, wouldtax inherited wealth of millions of dollars at a lower ratethan what a teacher pays on a $70,000 annual salary. Itwould also give inherited wealth a more privileged statusthan money made from hard work or putting capital atrisk....The measure would cost the treasury about $196 billionover the next decade. That would require othertaxpayers to make up the difference or add yet moredebt to be paid off by future generations.
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© 2009 - John Aravosis | Design maintenance by Jason RosenbaumSend me your tips: americablog@starpower.netAMERICAblog News| A great nation deserves the truth: Tax Cu...http://www.americablog.com/2005/07/tax-cuts-for-super-rich.html
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7/30/2005 11:55:00 AMUSA Today has a very good editorial spelling out why the"death tax," aka a big fat tax break for the already super-wealthy, is absurd at any time, much less when we're fightingmassive deficits and the draining cost of war in Iraq. Somehighlights:Just 1% of estates paid any estate tax in 2003, accordingto the IRS. Three quarters of the money raised from the taxcomes from estates of more than $5 million....Of the more than 18,000 estates paying the tax last year,just 340 consist primarily of a single farm or smallbusiness....The Senate measure, which is still being negotiated, wouldtax inherited wealth of millions of dollars at a lower ratethan what a teacher pays on a $70,000 annual salary. Itwould also give inherited wealth a more privileged statusthan money made from hard work or putting capital atrisk....The measure would cost the treasury about $196 billionover the next decade. That would require othertaxpayers to make up the difference or add yet moredebt to be paid off by future generations.
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EschatonPretty Much - I think this encapsulates nicely ourmodern media environment.2 hours ago
HuffPost PoliticsHuckabee's Huck Pac In Turmoil With StaffTurnover, Mounting Debts - Former Arkansas Gov.Mike Huckabee's political action committee, HuckPac, is undergoing a "restructuring," ExecutiveDirector Sarah Huckabee said Wednesday....2 hours ago
Ben SmithGoing small - My story tonight: President BarackObama came alive about 50 minutes intoWednesday night’s news conference – whensomebo2 hours ago
FiredoglakeLate Late Night FDL: What Eclipse? - A new videofrom Fatoumata Diawara, and and oldie from Bob.2 hours ago
Daily KosOpen Thread and Diary Rescue - *Today, srkp23(pulling a double shift), ybruti, taylormattd,ItsJessMe and vcmvo2 combed through hundredsof diaries to find this powerful list. Today's...3 hours agoJ O H N ' S P H OT O S
Show AllA M E R I C A B L O G T V
AmoLatino.comFeedback - Ads by Google
Next 6AMERICAblog News| A great nation deserves the truth: Tax Cu...http://www.americablog.com/2005/07/tax-cuts-for-super-rich.html
1 of 57/23/09 4:00 AM
Visit our AMERICAblog TV site.see all 322 videos >I collect with
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In honor of SenatorDeMint
For the GOPers, healthcare is politics. They just
Traditional media has todebunk the birthers
One small step...
The right-wing media, thevoices of the GOP, inAMERICAblog News| A great nation deserves the truth: Tax Cu...http://www.americablog.com/2005/07/tax-cuts-for-super-rich.html
2 of 57/23/09 4:00 AM
The TreatmentObama Has a Grown-UpTalk With America(Gulp)3 hours agoEzra KleinTab Dump8 hours agoWonk RoomSen. Byron Dorgan:The ‘Trade’ InCap-And-Trade ‘MakesNo Sense To Me’9 hours agoHealth BeatTruth Squad: WallStreet Journal HealthCare Editorial Wrong onthe Facts . . .10 hours agoDaily DoseProviders Endorse 'Payfor Value' ProposalsG AY P O L I T I C S
Visit our new gay politicssection, AMERICAblog Gay.F E E D S
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AmoLatino.comAds by GoogleTop AdAdvertise in this spot.H E A LT H C A R ER E F O R MAMERICAblog News| A great nation deserves the truth: Tax Cu...http://www.americablog.com/2005/07/tax-cuts-for-super-rich.html
3 of 57/23/09 4:00 AM
S E A R C H
AMERICAblog
Web
SearchS E N D U S T I P S &C O M M E N T Samericablog@starpower.netB L O G A R C H I V E
Blog ArchiveS I T E S W E L I K EAir America RadioAlan Colmes' blogAri Melber (The Nation)Ben SmithBicycleMark's blog &podcastBilericoBradBlogBring It OnCarrie FisherCrooks and LiarsDailyKosDan Savage's "Slog"Daou ReportDemocratic UndergroundEschatonEzra KleinFire Dog LakeFiveThirtyEight.comFreeway BloggerThe Gavel (SpeakerPelosi's blog)Good As YouGlenn GreenwaldHoly Bullies and HeadlessMonstersHuffington PostHullabaloo (Digby)Jack and Jill PoliticsJed ReportJesus' GeneralKenneth in the 212Margaret and HelenMatthew GrossMedia MattersMike Signorile's "The Gist"MudflatsMyDDOpen LeftPlum LinePolitical Punch (JakeTapper)Political WirePolitics 1Pop SurfingProgressive Blog DigestQueers UnitedRawStoryRex WocknerRude PunditSmirking ChimpTalk LeftTappedTaylor MarshThink ProgressTowleRoadVetVoice.comWashington NoteWayneBesen.comWonketteWorth Repeating
N E W S L I N K SUSWashington PostNYTAP PoliticsReuters PoliticsRasmussen PollsTimeNewsweekRoll CallThe HillABCNews
P L E A S E S U P P O RTA M E R I C A B L O GOne-time donation$
Recurring monthlydonation$
Donations are nottax-deductible.L A B E L S
Select a labelL A S T 1 0 0 V I S I T O R SRecent Visitors
A B O U TA M E R I C A B L O GWhy AMERICAblog?Because a great nationdeserves the truth.What issues do youcover?US politics overall with aparticular focus on theObama Administration, theradical right, and civilrights.Who are you?John AravosisEditorWashington, DCJoe SudbayDeputy EditorWashington, DCChris RyanAssociate EditorParis, FranceRobert ArenaContributing EditorBaltimore, MarylandJacki SchechnerContributing EditorWashington, DCAMERICAblog News| A great nation deserves the truth: Tax Cu...http://www.americablog.com/2005/07/tax-cuts-for-super-rich.html
4 of 57/23/09 4:00 AM
© 2009 - John Aravosis | Design maintenance by Jason RosenbaumSend me your tips: americablog@starpower.netAMERICAblog News| A great nation deserves the truth: Tax Cu...http://www.americablog.com/2005/07/tax-cuts-for-super-rich.html
5 of 57/23/09 4:00 AM