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Sens. Blanche Lincoln (D-AR) and Jon Kyl (R-AZ) are expected to offer an amendment this week to the budget resolution that would sacrifice other priorities to increase the exemption under the estate tax. Currently any estate worth less than $7 million is totally exempt from the estate tax. But Lincoln and Kyl have a lot of sympathy for those of you out there who are set to inherit estates worth between $7 million and $10 million - the real unsung heroes of this economic collapse.
Senator Jon Kyl’s proposal for an estate tax
with a $10 million per-couple exemption and a
35 percent top rate would cost at least 77
percent as much as estate tax repeal, or
about $750 billion over ten years (2012-
• The Kyl proposal would cost about $250
billion more (between 2012 and 2021) than
simply making 2009 estate tax law — a $7
million per-couple exemption and a 45
percent rate — permanent.
18 families worth a total of $185.5 billion have financed and coordinated a 10-year effort to repeal the estate tax, a move that would collectively net them a windfall of $71.6 billion.
Who are some of these families?
the families behind Wal-Mart, Gallo wine, Campbell’s soup, and Mars Inc.,
But what about those poor "family farms" we often hear about....
Just more than one-fourth of one percent of all estates will owe any estate taxes in 2006. And the American Farm Bureau, a member of the anti-estate tax coalition, was unable when asked by The New York Times to cite a single example of a family being forced to sell its farm because of estate tax liability. ...
How much would it cost America to give filthy-rich families even more breaks through elimination of the estate tax?.....
...it will cost the U.S. Treasury a trillion dollars in the first decade – roughly what it would cost to provide health insurance for every uninsured person in the United States.
New York Times on the estate tax misinformation....
In addition to creating the false impression that the estate tax eventually hits everyone — by mislabeling it a “death tax” — opponents routinely denounce the 45 percent top tax rate as confiscatory. In fact, the rate applies only to the portion of the estate that exceeds the exemption. As a result, even estates worth more than $20 million end up paying only about 20 percent in taxes.
After distilling all of the above information.....hold your nose and read this......
An amendment put up by Democratic and Republican senators to reduce the so-called "death tax" passed 51-28 Thursday evening, challenging the plan set forth by the president in his budget blueprint.
Under Obama's plan, the tax would have expired in 2010 and remained at its 2009 level -- meaning the government would get 45 percent of a dead person's estate valued over $3.5 million.
The amendment would reduce the estate tax rate to 35 percent and increase the exemption to $5 million.
Democratic Sens. Blanche Lincoln, Ark., and Ben Nelson, Neb., and Republican Sens. Jon Kyl of Arizona and Chuck Grassley of Iowa were among those backing the amendment,
I don't like these people.