Lincoln’s $250 billion estate tax plan would cut taxes for only 60 ’small businesses.’
Lincoln’s $250 billion estate tax plan would cut taxes for only 60 ’small businesses.’
Last week, 10 Democrats in the Senate joined all 41 Republicans in voting for a $250 billion proposal to cut estate taxes, designed by Sens. Blanche Lincoln (D-AR) and Jon Kyl (R-AZ). More than 99 percent of this cost would go to the inheritors of estates worth over $7 million. Touting the tax cut in a press release, Lincoln claimed that it was “aimed at farms and small businesses.” However, according to an analysis by the Tax Policy Center, Lincoln’s $250 billion proposal would save just 60 small businesses or farms from the estate tax:
An always charged issue is how the estate tax affects small farms and family-owned businesses. We estimate that under the Obama proposal, 100 family farms and businesses would owe tax…The Lincoln-Kyl proposal would cut the number to 40.
According to the Congressional Budget Office, “almost all such estates are able to pay the tax bill without having to sell business assets.”
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Yeah, but how many future heirs of Sam Walton’s WalMart heirs in Arkansas will benefit from this?
April 8th, 2009 at 6:11 pmWe estimate that under the Obama proposal, 100 family farms and businesses would owe tax…The Lincoln-Kyl proposal would cut the number to 40.
– - Just one post after more than 10 minutes. This’ll have fewer posts the number of taxed farms and businesses.
April 8th, 2009 at 6:26 pmTaxes, scmhmaxes. Right-wing ruling-class REpublican’ts are always dreaming of new ways to cut their own taxes and thus destroy government services: it’s a two-fer…
O/T: Ever so slightly O/T: Let me get this straight: The mighty imperial USofA can criminally and illegally occupy two whole countries in the Middle East for years and years and yet a US-flagged cargo ship can’t stop a Somali speedboat with four prates from taking over their vessel on the high seas? What is wrong with this picture? Can’t US-flagged cargo ships carry a few weapons onboard and just simply blow-up approaching pirate vessels in the open seas? What, are we suddenly concerned about the “rules of the seas?” So much so, that we are just open to any local pirates and criminals anywhere anytime? Get the USofA out of Afghanistan and Iraq now. Arm cargo vessels against pirate attacks now.
Why can’t TP be bothered to discuss foreign policy issues of the day in a timely manner? Am I asking for something that is too hot to handle? Like on-going US imperial aggression under Obama, with a very seamless tradition from the Bush Administration to the Obama Administration…
April 8th, 2009 at 6:28 pmLincoln knows where her paycheck comes from, doesn’t she?
April 8th, 2009 at 6:29 pmLet’s hope the House has smarter legislators than the Senate.
Lincoln is a disgrace. Do we have a 51st state named WalMart?
PEACE
April 8th, 2009 at 6:29 pmBlanche is more worried about the Walton heirs and the tens of thousands they give to her campaign.
April 8th, 2009 at 6:32 pmThe people who WORK at Wal-Mart can’t afford to send her any money, much less have an estate for their heirs.
Probably one of the estates to be saved is named “Madoff”.
April 8th, 2009 at 6:34 pmHe’s kind-of cute.
April 8th, 2009 at 6:41 pm*
hmmmmmmm . . . how bright does one have to be to stop and figure the WAL-MART CONTROLLED Senators from the WAL-MART Headquarters Arkansas State would PROPOSE a TAX CUT for such a SMALL specific group?
Makes me wish these “Senator” Peoples Elected Representatives CARED for Veterans making less than $50,000 a year . . . . .
April 8th, 2009 at 6:43 pmDammit, Paris Hilton needs a tax cut!!!
April 8th, 2009 at 6:44 pmSince we know that so few would benefit, I say we call their bluff, and abolish the estate tax, while removing the cap on SSI earnings at the same time.
Then watch ‘em squeal.
April 8th, 2009 at 7:02 pmBarfly makes a good point. Let the rich keep their inheritance, but require them to pay the same percentage of their income as regular Americans have to on their Social Security Taxes.
I would be in for that.
It’s up to the people in the states of these Republican DINO’s to kick their corrupt asses out the door next election cycle.
(D) or (R) behind someone’s name means absolutely nothing these days.
April 8th, 2009 at 7:09 pmLincoln et al care nothing about ordinary people, working class, middle class. They care only for the super rich. No one should forget that, and no one should ever vote for them again. They want me to pay huge taxes so that they (already rich) can walk away with millions more. Lincoln & her ilk really despise anyone who is not a millionaire, and this article & many others just prove that. Republicans are all about feeding the rich, starving the middle class & the poor. They’re really disgraceful. (To paraphrase a comment they love) Jesus would disapprove absolutely with Republicans’ (& a few demented Democrats like Lincoln’s)elitist tactics. Why do these corrupt politicians only want to reward the already rich? Why do they have no understanding or caring for anyone below the millionaire line? Toss her & anyone like her out on the street.
April 8th, 2009 at 7:13 pmSelling your body and soul makes you a whore.
April 8th, 2009 at 7:19 pmLincoln, like all the so-called “blue-dog” Senators, needs to go. They are part of old style Senate politics where nothing gets done or if something passes, it is so watered down it renders it meaningless to all but the very rich.
April 8th, 2009 at 7:23 pmLincoln, like Pryor, is a corporate a$$wipe from Arkansas. Many Arkansas Baptists are RepubliCon stooges. This is a bad combination, that can result in DINOS.
April 8th, 2009 at 7:31 pmGosh – I thought “conservatives” opposed legislation to protect minorities.
What’s up with the “special treatment” for this minority group?
IOKIYAR – I thought just applied to Republicans, but now we have to have another version where R=Rich people.
Poor little rich people, everyone just picks on them so – how ever will they be able to enjoy their months-long vacations overseas??
April 8th, 2009 at 7:46 pmYeah, but how many future heirs of Sam Walton’s WalMart heirs in Arkansas will benefit from this?
April 8th, 2009 at 6:11 pm
How many heirs to Sam Walton are there? Cuz they’re all in Arkansas. They all only got one set of grandparents among em…
April 8th, 2009 at 7:49 pmSelling your body and soul makes you a whore.
April 8th, 2009 at 7:19 pm
Or as I said to somebody the other day: “Bubba, you can’t sell your soul, and then claim you still have one.”
April 8th, 2009 at 7:50 pmSelling your body and soul makes you a whore.
April 8th, 2009 at 7:19
Once a whore, always a whore.
April 8th, 2009 at 7:53 pmWhen did Walmart get it’s own Senator? Isn’t it bad planning to put all your eggs in one basket? Even Walmart is running out of customers that can afford to shop anywhere.
April 8th, 2009 at 8:02 pmIf we eliminate the Estate Tax then people should have to pay Capital Gains Tax and Income Tax on the assets that they inherit from an estate. The Estate Tax stands in lieu of those taxes. Beneficiaries are able to inherit unlimited amounts of money tax free. Insolvent estates are able to write off unlimited amounts of debt with no ramifications. In exchange for these benefits, only the most wealthy of estates are charged any taxes at all. Only estates worth more than one million dollars even need to worry about being taxed.
April 8th, 2009 at 8:10 pmAll they have to do is transfer the assets before they croak.
April 8th, 2009 at 8:34 pmCan anyone say Wal-Mart / Walton family ???
My guess is that since this is being pushed at this time, one of the clan is getting ready to kick the bucket.
Has anyone asked the Congressional republicans when those bush tax cuts were supposed to begin creating those new jobs we were promised ???
Last I heard Americans are loosing 650,000 jobs each and every month.
Doesn’t that mean we need to retroactively repeal a percentage of the tax cuts the wealth received, since they obviously didn’t live up to their part of the bargain.
April 8th, 2009 at 8:36 pmWhen will Republicans especially, but Democrats also wake up to the fact that the tax cuts are for the wealthy? Not including the Bush give away we have had at least five tax cuts since the late 80s. Shouldn’t our taxes be low by now or that we have realized huge tax rebates. The tax break ploy is as a campaign strategy that lines the suckers up.
April 8th, 2009 at 8:56 pmConservatives think the estate tax was too strong in the past. But Sam Walton died in 1992 and his five heirs have around $93 BILLION today. Were they taxed too much? No, they were not taxed enough.
April 8th, 2009 at 9:10 pmDon’t pull your punch.
All it takes to be one of the 60 businesses mentioned is to have 1 cent more than than the cut-off. If you make 1 cent more than the cut-off you would then owe, in taxes, somewhere between 1/4 cent and 1/2 cent.
In short, those 60 businesses, very likely, would have paid only a small amount.
April 8th, 2009 at 9:21 pmWhy is anyone surprised by this weasel,Lincoln.She is a Repuke,long been against ordinary americans.Really,ask yourselves,is it less sensible to have the Dem agenda defeated by a Republican pig or someone who clothes ‘emselves as a Dem but still put the screws in your thumbs.
April 8th, 2009 at 9:47 pmWhy anyone making less than $100,000, and that is being generous, even given a now normal two family income, would vote for any republican just astounds me. These fools mostly vote single issues, mostly abortion, and consistently vote against their own self interest, and do it over and over and over and still don’t understand that the politicians they so love only care about their vote and nothing else. They talk a good story i guess, i’ve never bought it but wtf do i know?
April 8th, 2009 at 10:01 pmMaybe Im simple minded and just understand don’t basic economics but if all my income is subject to Social Security taxes why aren’t all income subjected to the same rate, if that isn’t class warfare nothing is. Maybe I’m missing something or maybe the rich truly are more deserving of being rich I guess….I get confused and angry sometimes…sorry
April 8th, 2009 at 10:10 pmShe like so many others in the Democratic and Republican party have no concept of two words, “public servant”. It disgusts me how many in both parties are on the take and
April 8th, 2009 at 10:14 pmjust out for themselves so that they can keep their golden parachutes. Term Limits or an opponent every time keeps them more in our corner.
Why do you think you or the goverment is entitled to someones money. When they die?
April 8th, 2009 at 10:39 pmjeff2001 Says:
Your point is DUMB. Dead people dont have money. Dead people have NO property rights. That money becomes someone else’s income and is therefore taxable. This is really pretty simple. Societies cost money and taxes are the price we pay to HAVE that society. Your stupid talking point is about like asking the electric company why THEY have a right to your money
April 8th, 2009 at 11:12 pmThis is exhibit A in why we need public financing of Federal elections. It is the single reason why a bill that affects .3% of the public can go sailing through Congress. Money corrupts everything.
The other thing is that there is no effort to actually pay for this $250 billion that .3% of people will receive. It goes straight to the deficit. The same is true for the $50 billion nuclear power loan guarantee amended to the energy bill. All of this hand wringing over the size of the deficit and just two amendments increases the deficit by $300 billion. This is the highth of irresponsibility. Republicans need considerable help from the Democrats for this to go throug and we see that 10 Democrats joined 41 Republicans in voting for this measure. Obama will need to use his veto pen early and often.
April 9th, 2009 at 12:30 amMore corporate welfare. I am sick unto death of these freaks ’saving’ poor wealthy folk from having to pay their fair share of taxes, and leaving the rest of us to foot the bill for their war-profiteering and heinous bail-outs, while we sit here literally ‘dying’ for lack of adequate medical coverage.
I HATE THESE PEOPLE.
April 9th, 2009 at 2:14 amSmall business and the family farm have been republican fig leaves since Reagan. If they were worried about the estate tax hurting them they could have altered the rules to exempt just them. Estate taxes hurting the family farmers, no estate tax on family owned farms. Bingo! But they were never the reason, they are just smokescreen for the rich and powerful. Too many in Congress (including democrats) are greatful to have the political cover of this fig leaf on subject after subject.
Obama should veto this crap, and direct them to re-draft exempting small business and family farms, then let’s see who will vote for it.
They are merely propagan
April 9th, 2009 at 10:31 amIt is pretty obvious from the posts here that few,if any of you, are involved in any type of business, or have even the slightest grasp of economics. First of all, you can not just transfer assets to someone before you die, or the transfer will be taxed. Second, assets like stocks that have appreciated over time, and have not been taxed, should be taxed at the capital gains rate instead of the higher estate tax rate. Business assets are paid for with after tax dollars. In the case of farmers, it is farmland, machinery, buildings. In the case of small businesses, it is equipment and buildings. Why should the works of these people be subject to double taxation? I know some of you are astounded to hear the number $7 million, but that is not that big of an investment in farmland or small businesses in this day and age. Many businesses with assets in that range do not make a huge profit. Also, when you die, your debts are not forgiven, as one poster posted.
April 9th, 2009 at 10:36 amSocial security income is capped for a reason. It is a nationalized retirement plan. There is a limit on how much is paid out to an individual. Why should those who work harder have to pay for your retirement too?
Just the facts,
If you are running a business and you don’t know about re-organizaing the business for various tax advantages, I heartiily suggest you fire you tax attorney and get another one.
April 9th, 2009 at 1:45 pmjust the facts Says:
It is obvious you are another Ebenezer Scrooge worshipping wingnut. Why should I pay as much toward the military as the wealthy and corporations when it is used primarily to get resources FOR those corporations. We are all in this together which I guess is a concept simply beyond your simpleminded ability to grasp. Capital gains shouldnt even BE taxed at a lower rate than labor. As Lincoln said labor is prior to and more important than capital and deserves a higher consideration. Capital would not EXIST without labor. The whole estate tax argument is another asskissing of wealth argument. Why we need to give wealth EVERYTHING and beg for a few crumbs off of their table instead of demanding a societal obligation FROM wealth.
April 9th, 2009 at 2:51 pmThe estate tax affects way less than 1% of Americans so eliminating the tax amounts to a tax cut for the wealthiest of the wealthy. I have worked with the estate tax for the past 25 years and have yet to see one of my client’s businesses “destroyed” by the estate tax. Taxes can be paid out over 15 years to avoid having to liquidate businesses. Businesses can also be sold to new owners who continue operating the business and provide liquidity for the heirs of the deceased owner to pay the taxes.
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