Paris Hilton Tax Cut ‘Compromise’: Still Not Hot
Paris Hilton Tax Cut ‘Compromise’: Still Not Hot
While the Senate prepares to debate the Paris Hilton Tax this week, supporters of its abolishment admit they are “well short of the 60 votes required to take up a full repeal measure.” If full repeal fails, Senators may vote on “compromises which are nearly as costly and unfair as full repeal.â€
Today, six former White House advisers are urging Senators to oppose these costly proposals that “benefit only the wealthiest three of every 1,000 estates.”
CongressDaily reported last week that Sen. Max Baucus (D-MT) may put forward a “counter offer†containing “a graduated rate structure setting rates of 15, 25, and 35 percent depending on the size of the estate.†Today’s letter points out how this also would be very costly:
- This “alternative compromise†would cost nearly 75% as much as full repeal over the long run, according to estimates by the Tax Policy Center.
- Compared to freezing current law at the 2009 levels, this would cost about $200 billion in the decade from 2012-2021.
- When compared to 2009 law, the graduated rate structure cuts taxes by 66% for couples with estates between $7-10 million, by almost half for couples with estates between $10-20 million, and by 20% or more for multi-billion dollar estates.
As Sebastian Mallaby writes in today’s Washington Post, these so-called compromises “would achieve nearly everything that abolitionists dream of.”
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24 Responses to “Paris Hilton Tax Cut ‘Compromise’: Still Not Hot”
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If this goes through: Then maybe I can get a job at a company that makes yachts and hope to be trickled on (spritzed on>> fogged on >>atomized on>>?) when the uber wealthy trade in for a newer and larger vessel.
June 5th, 2006 at 4:29 pmJust what Paris Hilton needs - more money with which to lead the “simple life.”
June 5th, 2006 at 4:48 pmThe people supporting repealing the estate tax need to understand. This is a tax for people that have Estates, in other words, if you are reading this, NOT YOU.
Repealing this will not help mr and Ms blue collar worker make ends meet. Just like the last tax cut, it only really affects the wealthy. With a deficit any tax cut is just plain insane. But that also describes the current gooberment, the way it is run by the Repugs, totally insane!!!
June 5th, 2006 at 4:49 pmOh, so THIS is why gay marriage is an issue right now.
June 5th, 2006 at 4:54 pmI do not care about Paris Hilton, but if Bush finds out she is a lesbian then he might cancel her inheritance funds? Everything with Bush now is scapegoating Gay people! He decided that there are too many illegal Mexicans in the country to scapegoat, so its back to the couple million Gays!
June 5th, 2006 at 4:55 pmYes post 4 as we are all sidetracked with Gays not being allowed to marry, the Estate tax gets rescinded for the super rich! Karl Rove is playing the Gay card to get this other issue passed!
June 5th, 2006 at 4:59 pmThose neoconning untermenschen making billions on the war in Iraq don’t want to pay an estate tax.
They just want to keep making billions.
Even more billions to be made when the war in Iran begins. Death is big bucks, tax free too.
All is fair in love and war. Paris Hilton knows.
June 5th, 2006 at 5:00 pmNah, they’ll just add a rider so you can’t inherit money from gays. The traditional institution of inheritance has always been between families, and families are comprised of heterosexuals. We don’t want to change a long standing tradition like that. ;)
June 5th, 2006 at 5:31 pmRethuglicans call it a death tax so to make it sound more regressive - Democrats should refer to it as the Paris Hilton support fund, which is more accurate.
June 5th, 2006 at 5:36 pmParis hiltons dog gets a bigger taxbreak than me .
June 5th, 2006 at 5:38 pmI think we should stop calling this the Paris Hilton Tax Cut and start calling it the Bush & Cheney Estate Tax Cut. is After all, that’s what it’s all about,.
June 5th, 2006 at 5:46 pmThis needs to be repeated: the Estate Tax has NEVER BEFORE been cut during a time of supposed war. In fact, wars have traditionally been the reason to initiate or raise estate taxes. So you must ask these so-called conservatives which is it? Are we at war? Or do we need to repeal the estate tax? The two are mutually exclusive.
June 5th, 2006 at 5:51 pmAmerica could have the best nation on the planet, but the tax system has to change. The wealthy should help the working poor and lower middle classed.
Dangerous Dave
June 5th, 2006 at 5:53 pmshe’s still hot… with or without being taxed fairly!
June 5th, 2006 at 6:23 pmArdee, Do you need glasses?
June 5th, 2006 at 6:36 pmshe’s still hot… with or without being taxed fairly
eek. I bet that skinny skank has to run around in the shower just to get wet.
June 5th, 2006 at 6:37 pmShe looks like an used Tramp-o-line.
The estate tax was enacted in order to prevent the concentration of wealth (and power) in a limited number of families. I may be wrong, but I think it was Republican, Teddy Roosevelt who advocated it.
June 5th, 2006 at 6:48 pmThis estate tax is on estates of more $1.2 million per person! The tax doesn’t kick in until that threshhold is met, and then the taxing starts at that point. There has never been a family farm that has been lost because of the estate tax - never. That is akin to an “urban legend.” Those with estates of more than $1.2 million have financial planners and advisors to ensure that they pay the minimum of taxes. This estate tax does not apply to you and me or probably anyone who posts here. It affects the ultra rich. There are only 18 families wealthy enough to push for this elimination, but those 18 are very powerful. There are several hundred thousand families across America who fall under the estate tax liabihlity, the rest of us are not affected. As inflation rises, and the middle class is squeezed even tighter, we will be feeling the pinch at every turn, as federal cuts continue to nip closer and closer.
#15 - Maybe Ardee likes bone bruises. ;)
June 5th, 2006 at 6:48 pmI like #1 the best. Good way to bring it on home.
June 6th, 2006 at 12:29 amemail you senator:
Dear Senator,
In these times of fiscal crises for the US, with the Bush administration expending vast sums on illegal, unnecessary wars and the republican congress piling up obscene debt that my children, grand children, and great grand children will be paying off, I consider it an abomination and wholly un-American (not unusual for our current crop of republicans) for the Senate to be considering repeal of the estate tax, in whole or in part. Where are the Teddy Roosevelt republicans that understood the American notion of making it on your own; where is the humanity in the endless give-back of government revenue to the grotesquely wealthy while the disadvantaged lose what little assistance that had from the Federal Government?
In a generation, republicans (assisted in no small part by a mostly spineless, unimaginative democratic party) have turned America into the opposite of what I understood it to stand for, for two centuries: equality and opportunity for the little guy, not endless advantage for robber barons.
I would hope that you will be doing all you can to fight the overwhelming greed of republicans including their current effort to eliminate or vastly scale back the estate tax.
Sincerely,
______________
June 6th, 2006 at 9:20 am[…] Marriage is "under attack". Dear Leader's rating are in the toilet. There's an important election coming up, and none of his initiatives, from Mars, to steroids, to invading Iran are getting any traction. 45% of Americans don't buy the official 9/11 story, the stock market has dropped 200-points (again) on fears of inflation, the Paris Hilton (Estate) Tax benefiting no more than a few dozen Americans may not be passed, the pain of high gas prices and stagnant wage growth is beginning to show up in the economy, and legislators across America are avoiding W like a bad fart. […]
June 6th, 2006 at 10:38 am[…] Think Progress […]
June 6th, 2006 at 11:37 pmI don’t like Paris Hilton more than any sound-minded progressive, but I hate that her name is used to characterize this particular piece of legislation. It is common knowledge (or should be) that the tax cut was drafted to benefit primarily rich white male capitalists- not young white heiresses. It’s like PETA throwing red paint on women in fur coats because they’re easy targets as a team of leather-clad bikers rides by.
June 7th, 2006 at 11:16 amNice post!
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