The "compromise": minimum wage raise out; tax-cut for the ultra-rich in.
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Originally Posted by DemocracyNow.org on June 23, 2006
House Rolls Back Estate Tax
In other Congressional news, the House voted Thursday to roll back parts of the estate tax. Republicans call the bill a “compromise” because it does not completely eliminate the estate tax on those who inherit property. The House bill exempts taxes on individuals with estates valued up to $5 million dollars and on couples with estates valued up to $10 million dollars. Heirs of estates valued at up to $25 million dollars would also see a drop in their tax rates. The bill will now go to the Senate. Congressional tax experts estimate that only 5100 estates would now face taxation, down from the current number of 30,000. The bill is estimated to cost up to $300 billion dollars. The House vote came just one day after the Senate rejected a measure that would have raised the minimum wage for the first time in nearly a decade.
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Shifting $300 billion from the top 1% ultra elite to the bottom 99% is not the compromise I had in mind.
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“Why has the response to rising inequality been a drive to reduce taxes on the rich?”
–Robert Kane Pappas in his documentary “Orwell Rolls In His Grave” (2003)
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Chinese saying: "Inequality, rather than want, is the cause of trouble."
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BTW, under current laws the estate tax only affects 1 in 200 people.
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Originally Posted by Center on Budget and Policy Priorities
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