The Republican Plan For Balancing The Budget
Stop collecting as much taxes on the wealthy. Yes, did you know that taxing the wealthy has a horrible effect on our economy? If they can't buy that new yacht, then the terrorists have already won.
Yahoo! News - GOP's Estate Tax Push May Work in Senate
WASHINGTON - House Republicans call it the "death tax," but their effort to repeal permanently the estate tax has itself succumbed three different times upon reaching the Senate. This year, though, four additional GOP votes may give the measure the boost it needs to enter the tax code.These wealthy Americans have already suffered enough! Give them tax breaks or give all those poor and middle class people with no health insurance death!
"Death should not be a taxable event," said Rep. Kenny Hulshof of Missouri, who sponsored the Republican bill, scheduled for debate Wednesday. "The death tax has a very real, negative impact on our economy."
Promising faster tax relief with less damage to the federal budget, Democrats countered with a proposal to leave the tax in place for the largest estates but immediately increase the number exempt from the tax.
"It is certain. It is immediate," said Rep. Earl Pomeroy, the North Dakota Democrat who drafted his party's alternative. "It is a significant break from where we are now."
Maybe you didn't realize this, but the elimination of the estate tax is really a form of discrimination.
Supporters of the tax's elimination argue that any level of tax discriminates against some at the expense of others.If congress doesn't stand up for this poor, helpless group, who will they have left to represent them, other than their lawyers, bankers, estate planners, money managers, all the people who work for them?
"Someone will fall below it. Someone will be above it," Hulshof said of arbitrary markers exempting some estates from taxation.
Thank G-d that Republicans are looking out for the big people! Somebody has to!
But don't fret if you're not a multi-bazillionare, the Democrats are doing what they can to stick up for the slightly littler big guy.
Many Democrats argue that the country cannot afford the roughly $290 billion it would cost over a decade to eliminate the tax while budget deficits mount and expenditures for homeland security and war increase.Only 70-Billion dollars? Sheesh, that's a drop in the bucket. It's not like we have anything else to pay for- like Social Security, Medicare, and the Occupation of Iraq.
The Democratic plan would increase the size of an estate exempt from tax to $3 million for an individual and $6 million for a couple beginning next year. It would reduce government revenue $70 billion.
Originally posted at MyDD
posted by Anonymous @ 9:36 AM
0 comments
