Monday, December 13, 2010
Neway.com: Estate Tax Provision Strains Support for Tax Deal
December 13, 2010 (2:39)
Ahead of a cloture vote in the Senate, Democrats are railing against an estate tax provision negotiated between the president and Republicans.
Rightardia thinks President Obama was a wimp to raise the threshold for the Estate tax to $5 million. This new threshold will only affect the top .1 per cent of American families.
For many years the threshold for the Estate tax was $250,000, but the GOP raised the threshold to $1 million in 2002. Then President Bush suspended the tax altogether.
The Estate Tax was instituted in 1915. it prevents the US from becoming a plutocracy, an oligarchy of the wealthy.
The restoration of this tax had little discussion in the House and Senate and Rightardia has no idea why Obama would make concessions on a clear legislative matter.
How does Obama think the US is going to pay down the deficit if he keep giving tax gifts to the most affluent Americans, the same people who prospered under GOP supply side economics?
Does Obama understand how offensive his tax compromises are to progressives?
Sources: MSNBC American Public MediaFox News CBS
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