The nation is suffering its worst economic slump since the 1930s. 10% of the country is out of work, many more have given up looking for a job, and even those Americans who are fortunate enough to be employed are struggling to make ends meet under the burden of higher medical costs.
Kind of an odd time to be worried about the Estate Tax.
Lobbyists for small businesses, construction companies, manufacturers and other trade groups are racing the clock to convince Congress to reinstate the federal estate tax they’ve fought for years to abolish. The National Federation of Independent Business and more than 40 business organizations wrote Senate and House leaders last week asking for quick action on a proposed 35 percent levy on inheritances worth more than $10 million per couple.
[…]
The groups have changed positions in a bid to head off higher taxes on the horizon: Unless Congress acts, current law would raise the tax next year to 55 percent on estates after they exceed $2 million per couple, from nothing this year.
Don’t you feel the urgency people?! There are desperate millionaires out there who will pay higher taxes UNLESS WE ACT NOW!!!11!1
Blanche to the rescue!
Arizona Republican Senator Jon Kyl and Arkansas Democratic Senator Blanche Lincoln have proposed setting the rate at 35 percent, retroactive to Jan. 1. The measure would apply to the portion of estates that exceed $10 million per couple, and would adjust that exemption for inflation in later years.
Extra style points for teaming up with Jon Kyl, there, Blanche.
And here’s the kicker.
The legislation pushed by Kyl and Lincoln, exempting $10 million per couple from taxation, would affect 3,030 taxpayers this year, including 310 business owners or farmers, according to Tax Policy Center estimates.
Don’t have a job? Don’t have health care? Tough shit. Got an estate worth $10M? Blanche is ready to help.
Donate to Bill Halter’s campaign.
Tags: Bill Halter, Blanche Lincoln, DINOs, estate tax, Senate
