Wednesday, June 18, 2003

Un-fucking-believable. We're running a record deficit and we're cutting a tax that as of now only 2% of Americans pay a dime of now. I didn't think this administration could do anything that could shock me anymore, but alas I was wrong.

I've said this before, but today it holds more true now than ever - Everyday I wonder how can it possibly get worse, and everyday it actually gets does. It's stunning, really.

House Votes to End Estate Tax

(AP) - The House voted Wednesday to permanently end taxes on inherited estates, rejecting a Democratic effort to retain the tax for the country's wealthiest families. "What we're talking about here is fairness to families," said House Speaker Dennis Hastert, R-Ill. "They ought to have the comfort and relief to pass that business on to the next generation, to their children and to their grandchildren." The bill, passed 264-163, would permanently abolish taxes on estates and reduce revenue $162 billion through 2013. (emphasis mine)


Speaker Hastert neglected to inform all of America that before this atrocious law was passed most people who passed anything down to their children paid nothing. The only families that Denny is referring to are the ones who are worth anything in the seven digit plus territory.

In 2003, those inheriting estates can exempt $1 million from tax and will pay up to 50 percent tax on the remainder. A 2001 law gradually increased the amount that can be exempted from tax, while also gradually decreasing the top tax rate.


Here's a useful tidbit of info on this link from the Center of Budget and Policy Priorities.

And here is a depressing report from NPR's ATC regarding the same subject. The poll in the report shows how effective all that talk on right wing radio has been on the ideological minds of Americans everywhere in their overwhelming confusion regarding the estate tax - or as Rush has effectively branded it the "Death Tax".

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