How a tax on the rich is sold as tax on death
Republicans in Congress recently voted to repeal the estate tax, and it's perfect. By which I mean it's the perfect demonstration of the mystifying current state of political affairs, a master class in what's happening at all levels of right-wing “governance” today.
Let's start with some facts, courtesy of the Center on Budget and Policy Priorities (tinyurl.com/natabut): the estates of married couples that are subject to the tax are those valued at more than about $11 million. Second, the tax — currently 40 percent — is applied only to money above that level; in other words, the tax on an estate worth $100 over $11 million would be forty bucks. Because of that, and various loopholes, the average overall rate ends up around 17 percent. Third, estates of that amount account for two-tenths of 1 percent of all estates. In 2013, about twenty small businesses and family farms paid estate taxes. The total number of families paying estate taxes is just over 5,000. Using the ten-year metric by which tax policies are measured, eliminating the tax adds more than $300 billion to deficits, including interest on the debt.
Whatever side of the political divide you're on, you can't disagree that elimination of the estate tax is of benefit to none but the very most wealthy; nor can it escape notice that among that group are those who contribute astonishing amounts of money to various political candidates. Since Citizens United, we're informed we needn't know the exact amounts, nor even the sources of the cash; but if anyone thinks it doesn't lead to quids pro quo, they're off-planet. Or they're Anthony Kennedy.
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http://www.heraldnet.com/article/20150429/OPINION04/150428989
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