Washington Post: House Sacrifices Revenue and Earmarks:
“The legislation, which passed 269 to 156, would exempt estates worth as much as $5 million — $10 million for couples — from taxation indefinitely. The tax rate on estates worth more than the exemption level up to $25 million would be set at the same tax rates that apply to capital gains — now 15 percent but scheduled to rise to 20 percent in 2011. The tax for estates worth more than $25 million would be twice the capital gains rate. The bipartisan Joint Committee on Taxation estimated that the estate tax cut would cost the government $279 billion in revenue over the next 10 years.”
I don’t care what anyone says, I am proud that we here in the USA have the most expensive government money can buy…And buy…And buy. Whatever happened to honest politicians? You know, the ones who stayed bought once the money changed hands. Here they are, trying a endrun…Tie the estate tax to the capital gains tax which happens to be the one tax they plan on doing away with if they can keep control of the government…What we can’t read and remember from one day to the next what their stated agenda is?
“But between 2012 and 2021, the first decade the tax would be fully in force, the cost to the Treasury would climb to $602 billion — $762 billion if the costs of additional interest payments are included. And if the 15 percent tax rate on capital gains is extended beyond its 2010 expiration date, the 10-year cost could be as much as $823 billion, according to the joint committee.”
I realize that the stated policy of the folks behind the Republican Party has been the death of big government. So I guess a way to do this is to tie all tax rates to a tax that you intend to deep six…What a way to run a company…oops, country.
