Posts tagged estate tax
Posts tagged estate tax
But the estate tax was meant to do more than bolster budgets and aid charities. From its inception, it was meant to ward off the emergence of a hereditary aristocracy in the United States. Established in 1916, the tax was a populist response to the excesses of the Gilded Age. President Theodore Roosevelt justified it by arguing that society has a claim upon the fortunes of its wealthy. Roosevelt pointed out that “most great civilized countries have an income tax and an inheritance tax. In my judgment both should be part of our system of federal taxation.” Such taxation, he noted, should “be aimed merely at the inheritance or transmission in their entirety of those fortunes swollen beyond all healthy limits.”
but…but…but… taxes! </sarcasm>
The Estate Tax (which was given an Orwellian rename by the Republicans as the “Death Tax”) does and will not hurt you — unless it is abolished.
The Estate Tax affects only 3/10 of 1% of the richest Americans. We’re not even talking about the wealthy here, we’re talking about the OBSCENELY wealthy here.
To put this in context, if the Republicans get what they want, it would mean $30 BILLION in tax cuts for the Walton family (who own Walmart) alone.
So they barely pay their workers a living wage and abuse them in a hundred other ways, drive multiple small businesses out of the marketplace which are major drivers of economic growth in the country, and the Republicans in the Senate and an all-too compliant President Obama, want to rewards them for all that by giving them a tax cut that is more than the gross national product of some of the nations of the world.
For anyone to look at that and NOT think that is radically out of balance, is simply insane.
Click through to read more.
Read it. Please.
The two new lawsuits, which involve plaintiffs from New York, Connecticut, Vermont and New Hampshire, expand the attack geographically and also encompass more of the 1,138 federal laws and regulations that the Defense of Marriage Act potentially affects — including the insurance costs amounting to several hundred dollars a month in the case of Ms. Pedersen and Ms. Meitzen, and a $350,0000 estate tax payment in the A.C.L.U. case.
The civil liberties union filed suit on behalf of Edith S. Windsor, whose spouse, Thea C. Spyer, died last year of aortic stenosis. The two women, New Yorkers who had been together for 44 years, married in Toronto in 2007. New York officially recognizes same-sex marriages performed in other states. Had the two been man and wife, there would have been no federal estate tax to pay.
Chew on that whole unfair tax thing, conservatives. Call me when you can swallow that without choking.
This is my state. For fuck’s sake…