(NOTE: TAX TAX TAX TAX……they should be returned to the tax rate they were at before Reagan started the destruction of the middle class. They lied and said if there taxes were cut, there would be a “trickle down effect”…to the workers of America, but all the greedy bastards did was move jobs out of the country.)
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Bad News for Billionaires — and a Chihuahua or Two
By Sam Pizzigati, June 27, 2010
Progressives in the U.S. Senate have introduced a potent package of estate tax reforms that would, if enacted, start seriously trimming America’s most super-sized hoards of private wealth.
Back a hundred summers ago in 1910, former President Theodore Roosevelt — a Republican — called for “a graduated inheritance tax on big fortunes,” a new tax levy that would increase “rapidly in amount with the size of the estate.”
Last week, four U.S. senators — three Democrats and an independent — introduced legislation that would subject big fortunes, before heirs can grab them, to an estate tax levy that would rapidly rise with the size of the estate.
Teddy Roosevelt would most certainly approve. Will a majority in today’s United States Senate?
By all logic — and cold-blooded political calculation — the newly introduced Responsible Estate Tax Act ought to fly through the Senate. Seldom, if ever, has a piece of progressive tax legislation had so much going for it.
Start with the budget math. Great Recession America is now going through the worst public services budget squeeze since the Great Depression. Teachers, cops, and firefighters are losing jobs. Libraries and parks are closing. Roads and bridges are crumbling.
States and local governments — and millions of jobless Americans — need federal help. The new Responsible Estate Tax Act, introduced by Bernie Sanders of Vermont and co-sponsored by Tom Harkin of Iowa, Sheldon Whitehouse of Rhode Island, and Sherrod Brown of Ohio, would help provide it.
Under the bill, all estates over $3.5 million, or $7 million for couples, would face a federal estate tax, just as they did under the federal estate tax in effect last year. But this estate tax, unlike last year’s, would be steeply “graduated,” with the tax rate rising as an estate’s value increases.
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