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ADA Updates
It is outrageous that now, of all times, some in the Senate are seeking to protect the inheritances of millionaires and billionaires. Last week during the peak of the debate over President Obama’s historic and transformational budget, Republican Senators with help from ten Democrats passed legislation to exempt estates of $5 million per spouse from the estate tax and reduced the rate on amounts over the exemption to 35% - at a cost to the Treasury of $100 billion over the next ten years. You read that right. At a time when millions are out of work, without health care, dependent on food stamps to keep from starving, and facing foreclosure, some in the Senate thought protecting the estates of the richest among us should be made a priority. It’s a bailout for Paris Hilton! The advocates of this legislation would have us believe they are out to protect charities and small businesses, and to control the national debt. Claims as laughable as they are hypocritical. The provision to exempt more property as "small business" would lead to tricky tax maneuvers characterizing ordinary property as "small businesses," just the kind of tax shenanigans we need to clamp down on, not encourage. Exempting large estates from taxation and lowering the tax rate on the amount over the exemption will have a far greater impact on charitable giving than the Obama proposal to limit itemized deductions for taxpayers with income over $250,000. And, these are largely the same people who oppose President Obama’s tax proposals to help working families, claiming concern for the budget deficit – I guess deficits are fine when the money is being used to groom poodles. Sure, Senators, I’m convinced. We all recognize the need to keep the inheritances of our nation’s spoiled debutants protected, so let’s drop the bogus concerns and just call it what it is: a reward for the lucky children of multi-millionaires. View All ADA Updates |