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Monday, August 22, 2005

 You're safe if you make more than $1.5 M per year

Via BlogForAmerica:

In George Bush's America, a total repeal of what has come to be called the "death tax" would in reality mean that you will essentially start paying a "death tax." In an astoundingly bold and stunningly effective head fake, the GOP first inexplicably sold average Americans on opposing taxation of the 2% of estates over $1.5 million (up to $3.5 million by 2008) but its end would effectively be instituting a new tax affecting much of the 98% of the rest of us. Neil Skene explains in yesterday's Tallahassee Democrat:
...when the estate tax is completely repealed, along with it will go a little feature called the "stepped-up basis," which basically forgives, at death, the capital gains tax on all profits accumulated during a person's lifetime. As a result of the repeal, every American who leaves appreciated property to children and grandchildren will send their descendants a 15-percent tax bill as well. Nobody mentioned that? Darn, they forgot. We're talking about all kinds of things people routinely inherit - a house, stocks and bonds, vacant land, rental property, family homes and farms, and small businesses... Don't let the tax-cut rhetoric fool you. Estate-tax repeal will replace a tax on the richest 2 percent with a tax on all Americans who have made a profit on their investments and want to pass it on to their children.
Yes, yes, go ahead and rub your eyes. But you read this right. By freeing the wealthiest 2% of Americans of their estate tax burden they gouge the rest of us by ending the provision which has allowed average Americans to leave most of their assets to their heirs. Children inheriting a parent's home which had appreciated $500,000 over a lifetime would pay a whopping $75,000 in taxes. That's about two years of tuition and fees at Harvard.

If you haven't read about this in your local paper, write them. While you're at it, write your elected representative asking them not to let all the Chimperor's men pick your pocket. If your Congressman or Senator is a Democrat, suggest that perhaps this issue should be like shooting fish in a barrel.


Blogger Rufus said...

Thanks for the heads-up. By the way...where did you get that great animation of Bush?

8:48 PM  

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