Monday, July 25, 2005

Impact of estate tax repeal on the Bush cabinet

Representative Henry Waxman's Government Reform Minority Office has issued an analysisof the effect of making permanent the repeal of the estate tax.
The estate tax, the most progressive American tax, is paid only by the very wealthy. The top 5% of taxpayers pay almost 99% of estate taxes, and the top tenth of 1% of taxpayers pay more than 33%.3 The vast majority of Americans are already exempt from the estate tax. As a result, they will receive no benefit at all from making the repeal permanent.

Those with much to gain from the repeal include the President and his Cabinet. Based on estimates of the net worth of President Bush, Vice President Cheney, and each of the Cabinet members, the President, Vice President, and the Cabinet are estimated to receive a total tax benefit of between $91 million and $344 million if the estate tax repeal is made permanent. The President himself is estimated to save between $787,000 and $6.2 million, while Vice President Cheney is estimated to save between $12.6 million and $60.7 million.
Can't say I'm surprised. No one ever accused Republican of not looking out for their own welfare as their first priority. Who cares about the deficit as long as they can save millions for themselves.

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