Ultra-Rich Claim Estate Tax is ‘Racist,’ Only 59 Blacks Will Pay This Year
Ultra-Rich Claim Estate Tax is ‘Racist,’ Only 59 Blacks Will Pay This Year
The last time Congress voted to phase-out the estate tax (aka the Paris Hilton Tax) in 2001, Robert L. Johnson, founder of Black Entertainment Television, enthusiastically called for repeal. He took out full-page ads in national newspapers, granted interviews, even gave speeches claiming that a repeal “will help close the wealth gap…between African-American families and white families.”
But Johnson’s argument is seriously misguided. Roughly 38 million blacks live in the United States. Of those, an estimated 59 — yes, 59 — will pay estate taxes this year, and that number will drop to just 33 in 2009, according to American Progress economist John Irons (using estimates derived from The State Of The Estate Tax As Of 2006). The truth is the wealth gap between whites and blacks will only exacerbate when there are fewer tax credits and services offered to the rest of us who start out with zero inheritance.
So now that the Senate is again planning to vote to repeal most or all of estate tax, where is Bob Johnson and his cohort of black millionaires? Hopefully they realized that the only people who will benefit from repeal is themselves.
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52 Responses to “Ultra-Rich Claim Estate Tax is ‘Racist,’ Only 59 Blacks Will Pay This Year”
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June 8th, 2006 at 4:52 pmThanks, when I heard that during the Senate debates, it sounded strange. I also liked the comment (I think Durbin, could be Reid) that 18 families paid $200 million to lobby for the repeal of the tax and that Bill Gates Sr and Warren Buffet were against repeal.
Oh, and Sessions called this the most egregious tax we have!
June 8th, 2006 at 4:57 pmRepublithugs figure they can bamboozle the middle & poor into paying for everything.
Just like they’ve successfully done the whole King dumbya reign.
June 8th, 2006 at 5:03 pmDoes that mean that 59 black millionaires died this year? And how does anyone know how many black millionaires will die in 2009?
Goper’s Lament (Hard To Be A Republican)
June 8th, 2006 at 5:10 pmAny Black Americans who support tax relief for the super wealthy have to be stupid > end of story on this subject!
June 8th, 2006 at 5:19 pmAnd the beautiful thing for the right is that the mainstream media finds it too cumbersome to make such issues digestible to their viewers. So they don’t bother trying.
June 8th, 2006 at 5:30 pmThis bill and the anti-gay marriage amendment are being used to frame the debate for the November elections away from the more urgent and relevant issues of Iraq occupation, economic policy failure, national debt atrocity, energy policy failures, etc… This is a classic, and unfortunately successful, rovian tact and is glaringly obvious to most observers except, inexplicably, the American public.
This just continues to reinforce what the civilized world understands, that the American and British publics are the easiest to fool. What’s worse is that you continue falling for the same tricks and tactics. Even most children have the intelligence to not stick their hand back in the fire after being burned once. However, Americans not only repeat the mistake, but they seem to have adopted the logic that their own hand was mistaken about being burned and therefore they should throw their whole bodies into the fire in an effort to prove their hand wrong.
I suggest the following modification to President Lincoln’s oft used quote - “You can fool some of the people some of the time, but you can fool most Americans repeatedly with ease and surprising consistency.”
June 8th, 2006 at 6:12 pmIf one family owned business is ruined by this cruel and unfair tax it is 1 to many! Death should not be a taxable event. We are taxed on EVERYTHING our entire lives and then to take another 40%+ because of DEATH is cruel and WRONG!
June 8th, 2006 at 6:15 pmthey don’t tax death mike, they tax the income earned by the heir.
it really is that simple.
June 8th, 2006 at 6:16 pm#8 illustrates my point perfectly, which #9 was quick to point out. It is obvious that #8 has not even taken the time to READ up on the subject but is rather relying upon “trusted” sources for his/her information and then just adds his/her own emotion to the canned (and wholly false) argument with blind and undeserved loyalty.
I would suspect that #8 believes that your forests are “healthy”, your skies are “clear”, that your energy policy will reduce your dependence on (foreign) oil, that Iraq had WMDs, and that NO ONE could have foreseen events that were warned about in advance (9/11, Katrina, Iraq quagmire, etc…).
This would almost be humorous if it were not for the fact that American ignorance and arrogance are endagering the entire planet.
June 8th, 2006 at 6:34 pmIf one family owned business is ruined by this cruel and unfair tax it is 1 to many! Death should not be a taxable event. We are taxed on EVERYTHING our entire lives and then to take another 40%+ because of DEATH is cruel and WRONG!
Comment by Mike
Go read the history of Europe and come back and tell us what you think then…
June 8th, 2006 at 6:48 pmthis fellows bag appears to be full of carpet!
June 8th, 2006 at 7:26 pm#11, true. But during the Senate debates almost the entire focus was on the “destruction of family businesses”, and loss of jobs, and how much money the wealthy spend to avoid paying the tax (apparently equal to the amount collected). So wouldn’t a simple solution be to incorporate the “farm” instead of leaving it a sole proprietorship? Life insurance to help pay the taxes? Nope. Those rich people need our help to survive :)
June 8th, 2006 at 8:11 pmIt’s still not right to be taxed on what you leave to your family. How could it be right for the Govt. to take what you worked to earn. The family made sacrifices for there parents to have the time to earn this wealth. Don’t be mad at the wealthy be mad at the people that think they deserve what another man has amassed in his lifetime. Don’ punish the rich they are the ones that spend the money to employ the people that build their big houses, boats, cars Etc… With out the wealthy I know I would have no job. People that don’t plan well during their formative years (school years) don’t have the ability to employ other people. I don’t want the govt. to redistribute the wealth. It hasn’t worked before and I can’t see it working again. As a great man once said and I quote†The world needs ditch diggers tooâ€. It’s a fact of life. Oh I know you say some people inherited their wealth and didn’t “work†for it but remember my previous statement who would produce the goods and services, and if they didn’t what would they do? Live off the Govt. tit. Socialism does not work. People will only do the least amount of work to just get by. You end up with a country that is behind the times and the people live at a substandard level. The socialist soviet republic will back me up on this. let me know what you think in a well thought out response
June 8th, 2006 at 9:37 pmOh yeah. The estate tax is racist, but the rabid anti-mexican Republican horde is not. Oh No. They are not racist or bigoted or chauvinist or homo-phobic.
How about the system of economics/culture that educates and rewards more whites with riches than blacks. Is our ecomomic system inately racist?
June 8th, 2006 at 9:40 pmFor the sake of comparison, I’d like to know how many white people paid estate tax. And is the ratio of blacks:whites paying estate tax equivalent to the ratio of the general population? (I’d assume it is not, but I’d like to know how far apart those ratios are).
June 8th, 2006 at 10:27 pmRobert Johnson sucks. A race-traitor of long-standing.
June 8th, 2006 at 11:34 pmThis is exactly why the heirs should not get a tax free inheritance. “They [don’t] deserve what another man has amassed in his lifetime.”
June 9th, 2006 at 6:25 amThe family made sacrifices for there parents to have the time to earn this wealth.
The people that amassed the wealth should be able to decide who gets their wealth not some government bureaucrat. Why should the Govt. be allowed to make any decision concerning what I have worked for in my life time? Govt. should not punish people for their success. Otherwise why strive for something better than mediocrity.
June 9th, 2006 at 7:48 amPiper- you’re making too much sense. To understand the left you need to remember that the individual is not as important as the aggregate as long as the aggregate thinks like you. Tax the rich! (until they leave and take “their” money with them….)
June 9th, 2006 at 8:40 amJohnson is just ANOTHER greedy…
…al Cracker wannabe…
June 9th, 2006 at 10:17 amOh please. Indeed it would be silly to claim that the inheritance tax is racist, but a close reading of the post does not reveal that anyone said this more recently than five years ago. How is this news? And the statistics quoted are no doubt impressive to people who aren’t thinking. What sense does it make to compare the number of estates that pay tax each year to the population? How about instead comparing the number of estates that pay tax to the total number of estates? I bet it’s still an impressive ratio, and unlike the one quoted, actually means something. And telling us how many estates this year, and in 2009, is a bit of a crock. According to current law, the estate tax threshold rises each year, until it is abolished just for the year 2010, and then in 2011 and following years it comes back with a threshold of $1 million. So the more interesting number is how many estates will pay tax in 2011. Again, I bet it’s still an impressive ratio, and it would be more convincing to people who aren’t reading in their sleep.
June 9th, 2006 at 11:04 amIt has been my experience in working closely with a number of black people for 8 years at a nonprofit, that the economically asending become just as self-serving and cutthroat as a lot of white people here in America. Some Black Americans seem to have adopted America’s secret unspoken paradigm of, everyman-for-himself. Even with a lot of religiously affiliated Black Americans; take a look at the cars and clothes of black church’s attendees and listen to how they speak of their poorer brethren, is that what Christ was about?
I feel there are a lot of forces at work to suppress any progressive leaders like MLK or Malcom X from ever rising to prominance again. The first source of this is accomplished by unequal edcuational opprotunities at the state and federal level in minority neighborhoods. My children attended a mostly black elmentary school and the educational differances are more than evident. Probalby no big secret for most black folks, but a real eye opener for this whitey.
I feel a another deterant to Black equality may be helped by Black owned pop culture media entities that focus mainly on such superficial matters as self-agrandizing rappers, fashion socialities, Hollywood, hair-styles, bling-bling and tits and ass on the dance floor. It’s sad that one of the few oportunites Black Americans have to move closer to economic equality comes only when they produce a fluff commodity. These same types of media keep a lot of white people distracted and in the dark too.
I feel people like Robert Johson, William Jefferson and Keneth Blackwell never look back. Corportists like to seek these out these self serving types of people to lend credibilty to their institionalized efforts to suppress equality. It is my wish that more black writers and black owned media producers seek out and promote young well spoken social reveolutionaries to bring about the next level of social change America so desparately needs.
Mr. Jonson’s support for the repeal of the estate tax is an example of how some Black Americans will work towards nothing but their own personal gain. It seems he has fully assimilated into the worst of corporate America: Make all the money you can, step on whoever to get there, and don’t give nothing back to the infastucture that helped you get there.
June 9th, 2006 at 1:41 pmIt has been my experience in working closely with a number of black people for 8 years at a nonprofit, that the economically asending become just as self-serving and cutthroat as a lot of white people here in America. Some Black Americans seem to have adopted America’s secret unspoken paradigm of, everyman-for-himself. Even with a lot of religiously affiliated Black Americans; take a look at the cars and clothes of black church’s attendees and listen to how they speak of their poorer brethren, is that what Christ was about?
I feel there are a lot of forces at work to suppress any progressive leaders like MLK or Malcom X from ever rising to prominance again. The first source of this is accomplished by unequal edcuational opprotunities at the state and federal level in minority neighborhoods. My children attended a mostly black elmentary school and the educational differances are more than evident. Probalby no big secret for most black folks, but a real eye opener for this whitey.
I feel a another deterant to Black equality may be helped by Black owned pop culture media entities that focus mainly on such superficial matters as self-agrandizing rappers, fashion socialities, Hollywood, hair-styles, bling-bling and tits and ass on the dance floor. It’s sad that one of the few oportunites Black Americans have to move closer to economic equality comes only when they produce a fluff commodity. These same types of media keep a lot of white people distracted and in the dark too.
I feel people like Robert Johson, William Jefferson and Keneth Blackwell never look back. Corportists like to seek these out these self serving types of people to lend credibilty to their institionalized efforts to suppress equality. It is my wish that more black writers and black owned media producers seek out and promote young well spoken social reveolutionaries to bring about the next level of social change America so desparately needs.
Mr. Jonson’s support for the repeal of the estate tax is an example of how some Black Americans will work towards nothing but their own personal gain. It seems he has fully assimilated into the worst of corporate America: Make all the money you can, step on whoever to get there, and don’t give nothing back to the infastucture that helped you get there.
June 9th, 2006 at 1:42 pmIn a capitlistic society, economic equality isn’t possible for many many reasons. Are you guys suggesting that we get rid of the free markets and capitalism?
June 9th, 2006 at 3:33 pmNot get rid of them, just re-organized. The term “Free Markets” sounds real good, but so does “friendly fire”. I feel like it’s a word smithing to hide the deeper meaning of what’s occuring. The reality of the free market economy is that it serves the corporate elite by deregulating thier activities and does not hold them accountable to any social responsibility. I think America is better than this. I would like to see a system of capitalism that’s more balanced with ideas of long term sustainaiblity and cooperation rather than just growth and outpacing competion. There needs to be more of a human element added to our economic system. National healthcare would be a good start.
June 9th, 2006 at 8:15 pmAnd national healthcare would be helped by the estate tax, paid by for people with more than enough money to live well. Why shouldn’t they pay back into a system that has allowed them to economically ascend and live so well? In a me-and-my-money self indulgent culture that is encouraged all over the American media, many wealthy Americans don’t feel this way.
And not very Christian I might add…
June 9th, 2006 at 8:30 pm[…] Now I know there are some that would justify that as a legitimate reason to halt the vote. I might even agree, until I think about the other legislation that did get passed yesterday – the reduction of the “estate tax”. After thinking about that, I remembered an interesting post on Think Progress a couple weeks ago: The last time Congress voted to phase-out the estate tax (aka the Paris Hilton Tax) in 2001, Robert L. Johnson, founder of Black Entertainment Television, enthusiastically called for repeal. He took out full-page ads in national newspapers, granted interviews, even gave speeches claiming that a repeal “will help close the wealth gap…between African-American families and white families.” […]
July 2nd, 2006 at 2:45 pm[…] However, as a recent Think Progress blog points out, the estate tax repeal will benefit only a tiny handful of African Americans: The last time Congress voted to phase-out the estate tax (aka the Paris Hilton Tax) in 2001, Robert L. Johnson, founder of Black Entertainment Television, enthusiastically called for repeal. He took out full-page ads in national newspapers, granted interviews, even gave speeches claiming that a repeal “will help close the wealth gap…between African-American families and white families.†[…]
July 20th, 2006 at 12:29 pm[…] President Bush addressed the NAACP today for the first time in his presidency. Speaking on behalf of his friend, multi-millionaire conservative BET founder Bob Johnson, Bush used the opportunity to promote the repeal of the estate tax on the ultra-rich: One of my friends is Bob Johnson, founder of BET. He’s an interesting man. He believes strongly in ownership. He has been a successful owner. He believes strongly, for example, that the death tax will prevent future African-American entrepreneurs from being able to pass their assets from one generation to the next. He and I also understand that the investor class shouldn’t be just confined to the old definition of the investor class. […]
July 20th, 2006 at 12:33 pmWe are taxed on EVERYTHING our entire lives and then to take another 40%+ because of DEATH is cruel and WRONG!
This is just simply not true and I cannot believe that it has not yet been pointed out here. Most of what gets taxed at death is appreciation that has previously NEVER been taxed. The same appreciation that gives the recipient a step up in basis so that the recipient does not have to pay tax on that appreciation either.
Also, I find it incredibly ironic that the same Congress that not long ago passed laws extending the time period for which an illiquid estate (illiquid due to a family farm or business) can pay the estate tax has forgotten the laws it passed that removed that potential hardship. Any amount due is spread out over many years so that it’s not a hardship. Not one farm or business has been sold to pay taxes. If a business is sold, it’s because the kids don’t want to continue running it and has absolutely nothing to do with having to pay taxes. Congressmen are blatantly lying to America and it saddens me that America’s too dumb to even realize it.
July 21st, 2006 at 1:55 pmIt’s amazing to me how many people expect others to pay for their well being. I just don’t understand the irrational thought process that goes on in the mind of the left. Regardless of how much money somebody has when they die, why should they be forced to pay for your health care, affordable housing, welfare, medicaid, etc. The battle cry of the left “It’s not my fault” is getting old. Try taking care of yourself for a change, and quit relying on the government to babysit you and your family for the rest of your lives.
July 21st, 2006 at 4:03 pm[…] Who did it help? It helped 59 African-Americans. 59. That’s a 5 and a 9 which together make 59. […]
July 24th, 2006 at 6:57 pmIt’s actually pretty simple to understand, #34. Lefties (from Thomas Jefferson and John Adams to Teddy Roosevelt and Andrew Carnegie) believe that folks get rich in community because of community. Righties believe that folks get rich in the isolation because of me-and-mine (their battle cry).
Lefties conclude it’s equitable that after death that benefits go to the broadest community through taxes, to the narrower community through bequests to charitable organizations of choice, and to that narrower still part of the community lucky enough to have been born into the family—but then only within reason to avoid centralization of power. Righties conclude that it’s equitable after death that only the latter, narrower parts of the community should benefit.
Both Lefty and Righty arguments are or at least can be rational. In a rational representative democracy, the question becomes whether the people have voted for the aristocrats or the democrats (or, if you prefer, egalitarians), and whose arguments are most reasonable.
August 5th, 2006 at 1:53 pmThe inheritance tax applies to money over 2.0 million, which is hardly the domain of the ‘ultra-rich’ in this day and age.
The fact that the tax doesn’t include money passed under 2.0 million is a recognition of it not being a tax on income.
I agree with Mike ( a previous poster ), death should not be a taxable event, that money has already been taxed multiple times by the time its inherited. When is enough ever enough.
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