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Lakeshore
An author of no particular popularity

Jay Lake
Date: 2007-02-20 13:30
Subject: Your Republican Party in Action
Security: Public
Tags:healthcare, politics
An analysis of the proposed 2008 budget from Bush reveals this little gem:

If the Estate Tax were to be repealed completely, the estimated savings to just one family -- the Walton family, the heirs to the Wal-Mart fortune -- would be about $32.7 billion dollars over the next ten years.

The proposed reductions to Medicaid over the same time frame? $28 billion.


If you vote, which is more important to you? Preserving the Walton family fortune? Or healthcare for America's poor and elderly? We know what the answer is for Republicans. But then, we already knew that.

http://www.alternet.org/columnists/story/48278/
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juliabk: Sucking Liberty
User: juliabk
Date: 2007-02-20 21:40 (UTC)
Subject: (no subject)
Keyword:Sucking Liberty
This is an abomination!

I've used that line in jest, generally where a dearth of chocolate is involved, but this is an *actual* abomination.
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Johnny Eponymous
User: johnnyeponymous
Date: 2007-02-20 21:58 (UTC)
Subject: (no subject)
It's not just the Waltons. I'm the sole beneficiary for 1/2 of my family. If two fo them die in a year, God preserve us, the combined taxes on the Estates will likely far outstrip my ability to pay. Far outstrip it (to the tune of my annual salary x 3 according to my advisor)

It's not just the rich the benefit, it's anyone who inherits.

Now the Walton case is pretty extreme and a cap of some amount is probably in order, but the Estate Tax does hurt average Americans.
Chris
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Jay Lake
User: jaylake
Date: 2007-02-20 22:03 (UTC)
Subject: (no subject)
Over 95% of American families are unaffected by the estate tax. You have to inherit over $1.2 million in unencumbered assets before it even becomes a factor. Generally, it's paid out of those assets when it is relevant.

When they were running the campaign against the "death tax" a few years ago, the GOP couldn't FIND a single farm family that had lost a farm to the estate tax.

Unless your parents are multimillionaires with no cash assets whatsoever, you're not going to be on the hook for anything.
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juliabk
User: juliabk
Date: 2007-02-20 23:08 (UTC)
Subject: (no subject)
Exactly. The GOP excels at scare tactics.
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Johnny Eponymous
User: johnnyeponymous
Date: 2007-02-20 23:17 (UTC)
Subject: (no subject)
It's not that easy. Houses that were bought when the areas were very cheap and held onto until the ridiculous market of today pumped them into that bracket. My Aunt and my Uncle in particular both have houses that are big with no cash assets. Such is the danger of these times.

I seem to remember that there was a discussion of this on NPR about 3 years ago where they found an entire town where the farms had been lost due to the estate tax.
CHris
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jtdiii
User: jtdiii
Date: 2007-02-20 23:41 (UTC)
Subject: (no subject)
Lawyers exist for a reason. If you and your family are not already planning on how to shield the assets in trusts, early transfers and reverse mortgages, then it is likely that you will have a far larger tax burden than you might otherwise have.

The waltons are doing it, why aren't you? :)
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robin catesby
User: deedop
Date: 2007-02-20 22:19 (UTC)
Subject: (no subject)
When my mom dies, I inherit the house I now live in. Granted, it's not worth a lot as houses go these days, but even if it were, I'd gladly pay a small amount of estate tax in exchange for some freaking affordable health insurance.

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Jay Lake
User: jaylake
Date: 2007-02-20 22:20 (UTC)
Subject: (no subject)
As I said to Chris, you won't have to pay that tax unless your net inheritance exceeds $1.2 million, at which point you can afford the tax.
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robin catesby
User: deedop
Date: 2007-02-20 22:27 (UTC)
Subject: (no subject)
Oh, I know. I was imagining an absurd future where I suddenly inherited a house worth 1.2 million and I still lacked health insurance. Point is, imo, whining about the estate tax is just plain selfish and obnoxious and it pisses us uninsured types off no end.
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jtdiii
User: jtdiii
Date: 2007-02-20 23:42 (UTC)
Subject: (no subject)
What can I say, but:

"Good Night John-boy."
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