Friday, June 09, 2006
Estate Tax Repeal FAILS
Sniff, sniff...Whatever will the Walton kids and Paris Hilton do?? (via Reuters): The Senate killed a bill backed Bush that would have permanently repealed estate taxes. The vote of 57-41, was 3 votes shy of the 60 needed for the measure to advance. The House of Reps had previously passed a bill to wipe out what the Repukes call the "death tax." Oh yeah... death tax my ass. We seriously need this money and they can more than afford to pay this b/c it does not hurt them: Full repeal of the estate tax would cost the fedrl treasury about $1 trillion over the next decade. and currently the first $2 million of an individual's estate & $4 million for a married couple is exempt and the rest is taxed at 46%. By '09, the exemptions rise to $3.5 million for an individual and $7 million for a couple and the rate falls to 45%. Total repeal would go into effect in 2010 but only for that yr. In 2011 the tax would be reimposed on estates valued over $1 million and the top tax rate would revert to 55%." Boo frickety hoo... however will they survive? Funny, but they all did just fine under Clinton's tax rates, didn't they? Come to think of it.. we all did, PLUS our states, social services, and schools weren't facing bankruptcy then, either.