| | Hey. I've got an idea. Let's free our hard-working and economic
disadvantaged famlies by repealing the waning estate-tax in 2011.
Currently, it's dwingling gradually until 2010 when it will be
reinstated. But, apparently, that's not good enough.
Well only 2% of Americans would have to pay the so-called "death-tax"
on their inherited estates. "Congressional action since 2001 will
likely bring down the number of
taxable estates still further. President Bush's 10-year, $1.35 trillion
tax cut in 2001 began a decade-long phase-out of the estate tax. The
portion of an estate exempted from taxation was raised from $675,000 in
2001 to $1.5 million in 2004. Next year, the exemption will rise to $2
million for individuals and $4 million for couples."
On an amendment sponsored to set the bar at $3.5 million for
individuals or $7 million for couples to be taxed. But noooo, that's
not good enough. House Democrats, led by Rep. Earl Pomeroy (D-N.D.),
today will propose
permanently raising the exclusion to $3.5 million -- $7 million for
couples. That would be enough to exempt 99.7 percent of all estates.
The Pomeroy bill would cost the Treasury $72 billion over 10 years,
compared with the $290 billion price tag of a full repeal through 2015,
according to the Joint Committee on Taxation. That would only hit .3%
of Americans... we'll see about the majority that our politicians are
representing here...
Then the republicans who love to spend, spend, spend, would like to
reduce their income in order to "starve the beast" in the name of
family farmers. Well, my father-in-law is a "family farmer" and he has
to work another job to make ends meet and I'm pretty sure that he
doesn't match the millionare estate picture... nor does anyone else
that he knows. Those are called "factory-farms" that just might happen
to be owned by a family.
Apparently America was built on aristocracy and oligarchy. We'd prefer
to have the Paris Hiltons running our government and holding our US
wealth rather than 98% of the population...
Call your House of Representative members today. That is unless your
parents own an estate worth more than $3.5 million that you'd like to
inherit absolutely free.
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| | Posted 4/13/2005 3:09 PM - 1 view - 1 comments
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