“Death tax” issue comes back to life

Sens. Kyl and Lincoln propose a further cut in the estate tax, saying it hurts small business owners and farmers.

Topics: War Room,

Sens. John Kyl, R-Ariz., and Blanche Lincoln, D-Ark., are set to introduce a controversial amendment to the Senate budget resolution that would cut estate taxes for the wealthy and could cost the government an additional $250 billion between 2012 and 2021.

Proponents of that Kyl-Lincoln proposal — which would raise the estate tax exemption from $7 million per couple to $10 million and reduce the rate from 45 to 35 percent — claim that the amendment is in the best interests of small businesses and farm owners. But two liberal-leaning think tanks, the Center for Budget and Policy Alternatives and the Tax Policy Center have numbers that seriously undercut that argument.



The changes to the estate tax that were passed under former President Bush included a gradual phase-out of the tax, with a completely untaxed year in 2010. President Obama wants to eliminate that untaxed year, and keep the tax at this year’s levels, under which 997 out of 1,000 people have absolutely no taxes levied on their estates. What’s more, Tax Policy Center research found that only 5 of every 100,000 taxable estates consist primarily of small businesses and farms. It goes without saying, then, that Lincoln and Kyl’s amendement will benefit a tiny portion of the country.

Both the New York Times and the Washington Post had scathing editorials on the issue today; they’re worth reading.

More Related Stories

Featured Slide Shows

  • Share on Twitter
  • Share on Facebook
  • 1 of 11
  • Close
  • Fullscreen
  • Thumbnails
    Burger King Japan

    2014's fast food atrocities

    Burger King's black cheeseburger: Made with squid ink and bamboo charcoal, arguably a symbol of meat's destructive effect on the planet. Only available in Japan.

    Elite Daily/Twitter

    2014's fast food atrocities

    McDonald's Black Burger: Because the laws of competition say that once Burger King introduces a black cheeseburger, it's only a matter of time before McDonald's follows suit. You still don't have to eat it.

    Domino's

    2014's fast food atrocities

    Domino's Specialty Chicken: It's like regular pizza, except instead of a crust, there's fried chicken. The company's marketing officer calls it "one of the most creative, innovative menu items we have ever had” -- brain power put to good use.

    Arby's/Facebook

    2014's fast food atrocities

    Arby's Meat Mountain: The viral off-menu product containing eight different types of meat that, on second read, was probably engineered by Arby's all along. Horrific, regardless.

    KFC

    2014's fast food atrocities

    KFC'S ZINGER DOUBLE DOWN KING: A sandwich made by adding a burger patty to the infamous chicken-instead-of-buns creation can only be described using all caps. NO BUN ALL MEAT. Only available in South Korea.

    Taco Bell

    2014's fast food atrocities

    Taco Bell's Waffle Taco: It took two years for Taco Bell to develop this waffle folded in the shape of a taco, the stand-out star of its new breakfast menu.

    Michele Parente/Twitter

    2014's fast food atrocities

    Krispy Kreme Triple Cheeseburger: Only attendees at the San Diego County Fair were given the opportunity to taste the official version of this donut-hamburger-heart attack combo. The rest of America has reasonable odds of not dropping dead tomorrow.

    Taco Bell

    2014's fast food atrocities

    Taco Bell's Quesarito: A burrito wrapped in a quesadilla inside an enigma. Quarantined to one store in Oklahoma City.

    Pizzagamechangers.com

    2014's fast food atrocities

    Boston Pizza's Pizza Cake: The people's choice winner of a Canadian pizza chain's contest whose real aim, we'd imagine, is to prove that there's no such thing as "too far." Currently in development.

    7-Eleven

    2014's fast food atrocities

    7-Eleven's Doritos Loaded: "For something decadent and artificial by design," wrote one impassioned reviewer, "it only tasted of the latter."

  • Recent Slide Shows

Comments

0 Comments

Comment Preview

Your name will appear as username ( settings | log out )

You may use these HTML tags and attributes: <a href=""> <b> <em> <strong> <i> <blockquote>