The House of Representatives just voted to repeal the estate tax, while also preserving the tax-free step-up in basis at death for appreciated assets.
As others have said, one couldn't ask for a clearer illustration of House Republican priorities than this unfunded $269 billion tax cut (over the next ten years) for the richest 0.2 percent of households.
But do they also have to insult everyone's intelligence? Paul Ryan explains that he is trying to help "family farmers ... [and] small and minority business owners." He claims that, the estate tax is "absolutely devastating" to family farms - even though there has literally never been a single substantiated case where this folk tale (selling the family farm to pay the estate tax) actually took place.
He also claims that repeal would remove "an additional layer of taxation" from assets that have already been taxed. This despite preserving the tax-free step-up in basis at death for appreciated assets.
Ryan can do what he likes, but it's a shame that he feels free to say things that so clearly are untrue.
Subscribe to:
Post Comments (Atom)
1 comment:
It sounds like wealth re-distribution in reverse. Actually those who claim W.R.D. in campaigns (Ryan) divert the discussion from wealth DIStribution such as attempts from the grass roots discussions on minimum wage hikes. A radio talk jock yesterday claimed those from fast food ralleys are pulling a $15/hr figure out of their ears. This of course ignores the powerful executives from getting "out of ear" bonuses. Hypocrites!
Post a Comment