New Report Reveals Estate Tax Repeal Would Give Over $200 Million Windfall

[WhiteTara]

http://www.democrats.reform.house.gov/story.asp?ID=1059

Damn I am so sick of the crooks and liars always getting away with their perfidy. :argh:

Tuesday, May 30, 2006 -- Next week the Senate is scheduled to consider legislation (H.R. 8) to repeal the estate tax. Repealing the tax, which has been law since 1916, is estimated to cost $1 trillion from 2011-2021. Although the tax affects few Americans, repeal will give some families extraordinary windfalls. The CEO’s of major oil companies, for instance, would get enormous benefits if H.R. 8 were enacted. The family of one oil executive, Lee Raymond (the former ExxonMobil CEO), alone could receive a tax break worth over $160 million.

This report analyzes the impact that repeal would have on the families of the senior executives for the major oil companies. In 2005, the minority staff of the Government Reform Committee released a similar analysis showing that repealing the estate tax repeal would save the President, Vice President, and 11 cabinet members as much as $344 million.

very short press release

[rucky]

1. But then they'll spread all that money around and help the economy.

the other tax breaks just weren't big enough for trickle down to really kick in.

[TahitiNut]

7. The economy of China, maybe.

:shrug:

[billybob537]

2. The miserable LYING SCUM

is just piling on.
They know it's all over next year.

[elehhhhna]

3. That fat fucks family does not need a 160 MILLION DOLLAR tax break.

[billybob537]

5. I love your PLATE.

[elehhhhna]

12. steal it if you like!

[babylonsister]

4. Do you know what the effect of this would be on middle America? nt

[serryjw]

6. 18 Families Behind Multimillion-Dollar Deceptive Lobbying Campaign

quote........
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.

snip....
The stakes of the campaign are great, not only for the super-wealthy families, but for the public. If the families’ repeal bid succeeds, 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.

end quote.......
http://www.citizen.org/pressroom/release.cfm?ID=2182
http://www.citizen.org/documents/EstateTaxFinal.pdf

[Raster]

9. Dynastic ambitions. Does anyone smell the odor of bush*?

So is this how aristocratic America assures their accession? With the complicity of Congress and on the backs of the citizens.

[serryjw]

11. Absolutely

So they can get re-elected.The entire system is broken.

[Raster]

13. Broken is an understatement. The system reeks of entitlement.

[serryjw]

14. ..And it gets worse everyday

I have no idea where and how this will end.:cry:

[gratuitous]

8. Paris Hilton needs all her inheritance!

Can you imagine this poor girl struggling to get by on a mere $100 million? Won't someone please think of Jenna and Bar Jr.? Sure, we could finance universal health care with a trillion dollars, but trust fund babies would have to scrape by on less!

[papau]

10. $200 B per year is $1 Trillion over 10 years- the cost of "fixing" Social

Security is not much more - if you buy the idea that there is a need to fix SS.

Indeed, had Bush not pissed away as much tax money as he ALREADY has, we could have retired the public portion of the national debt - of course that statement ignores the deficit caused, not by tax cuts, but actually by Bushes expansion of government and the deficits that that caused.