Obama's Proposal To Preserve Estate Tax On Richest 0.3 Percent Of Americans Meeting Bipartisan Opp

[Median Democrat]

Who knew that the richest 0.3 percent of families required so much representation in Congress? Gee, where is the outrage? Where are the Code Pink protesters? I guess both conservatives and liberals are in agreement that Obama is oppressing the richest 0.3 percent. .

http://www.latimes.com/business/la-fi-hiltzik13-2009apr13,0,3633165.column

/snip

Thanks to lobbyists and legislators looking out for the welfare of the richest Americans, the tax currently hits fewer than 3 of every 1,000 estates every year and bristles with exemptions and deferments for the rest. Its contribution to the federal treasury is about 1% of all revenue.

Yet it consumes enormous mind share in Washington. This month, a new tax-cut proposal from Sens. Jon Kyl (R-Ariz.) and Blanche Lincoln (D-Ark.) won Senate approval. The resolution would raise the exemption on taxable estates to $10 million from the current $7 million (after the death of both spouses). It also would cut the rate charged on the nonexempt portion to 35% from the current 45%.

The tax is currently set to fall to zero for 2010 and return with a $1-million exemption and a 55% rate in 2011; President Obama proposes merely making today's exemption and rates permanent.

/snip

[KansDem]

1. On a similar note, in 2006, 18 families bankrolled the repeal of the estate tax...

From Think Progress--

April 25, 2006

Public Citizen and United for a Fair Economy Expose Stealth Campaign of Super-Wealthy to Repeal Federal Estate Tax

Report Identifies 18 Families Behind Multimillion-Dollar Deceptive Lobbying Campaign

WASHINGTON, D.C. – The multimillion-dollar lobbying effort to repeal the federal estate tax has been aggressively led by 18 super-wealthy families, according to a report released today by Public Citizen and United for a Fair Economy at a press conference in Washington, D.C. The report details for the first time the vast money, influence and deceptive marketing techniques behind the rhetoric in the campaign to repeal the tax.

It reveals how 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.

"Spending Millions to Save Billions"--Public Citizen/United for a Fair Economy

Allyn-Soderberg Family (Welch Allyn Inc.)
Blethen Family (Seattle Times Co.)
Cox Family (Cox Enterprises, Inc.)
DeVos and Van Andel Families (Alticor/Amway)
Dorrance Family (Campbell Soup Company)
Gallo (E&J Gallo Winery)
Harbert Family
Johnson Family (BET, RLJ Development Co.)
Koch Family (Koch Industries)
Mars Family (Mars Inc.)
Mayer Family (Captiva Resources)
Nordstrom Family (Nordstrom Inc.)
Sobrato Family (Sobrato Development)
Stephens Family (Stephens Inc.)
Timken Family (The Timken Company)
Walton Family (Wal-Mart)
Wegman Family (Wegmans Food Markets, Inc.)

Long Live the Plutocracy!!!

[Aloha Spirit]

2. If we can't get this right, we're screwed.

[cottonseed]

3. Yup. This is the one I'm watching.

It's important.

[Median Democrat]

4. GE Censorship? Have Maddow, Olbermann or Ed Mentioned This?

This should be a slam dunk in terms of outrage AND its seems like a much more clean kill than trying to retroactively invalidate bonus contracts that have already been performed. Has the so-called "liberal" media mentioned this huge tax break to the filthy rich? Or, like Jim Cramer getting destroyed on Jon Stewart, has GE muzzled Maddow, Olbermann and Ed?

[SpartanDem]

5. But Obama is the one really trying

to screw us:sarcasm: