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- Apr 5, 2009
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LOL - I just watched Kathy McMorris-Rogers (R-WA) tell Andrea Mitchell it would be bad to raise the top tax rate then-----then McMorris -Rogers followed that statement by saying we should go back to the successful tax rates of the early 1980's.
Far be it from me to call an elected congressman an idiot but-----but dontcha think Kathy
McMorris-Rogers just might be history challenged?
But history challenged congressmen aside the Responsible Wealth group did some simple arithmetic and...
Estate Tax Increase Would Add Billions In Revenue, Say Wealthy Progressives
12/11/2012
WASHINGTON - A coalition of three dozen ultra-wealthy progressives, including billionaire Warren Buffett, former President Jimmy Carter, philanthropist George Soros and former Treasury Secretary Robert Rubin, launched a new effort Tuesday to press members of Congress and the White House to raise the estate tax in order to provide additional revenue for the federal budget.
"A substantial estate tax can provide revenues at a time when our federal government badly needs revenues and the estate tax will do this without an adverse effect," Rubin said on a conference call organized by the progressive group, Responsible Wealth.
So far, negotiations between the White House and congressional Republicans surrounding the "fiscal cliff" have largely focused on added revenue from higher tax rates for top income levels. But as the December 31 deadline nears, alternative revenue streams are attracting renewed attention.
According to the nonpartisan Tax Policy Center, raising the estate tax by just 10% could produce more than $250 billion in added revenue over the next ten years. In contrast, raising the tax rate on the top 2 percent of earners would only produce around $100 billion in the same period, according to the Congressional Budget Office.
Members of Responsible Wealth, including Bill Gates Sr., Abigail Disney, and Richard Rockefeller, believe that a progressive estate tax is both sound fiscal policy and a personal civic responsibility for wealthy Americans whose families benefited from government investment at all levels of their businesses. "My grandfather Roy and his brother Walt both made their fortunes because of the American system, because there was funding for infrastructure, roads, highways, and regulations," said Disney. "I have no desire to compound my already significant advantages, especially not on the backs of the middle class."
<snip>
Currently only around 4,000 people in the United States are affected by the estate tax policy. In 2011, around 3,200 people paid estate taxes, and of those, only 50 were family farms or small businesses.
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LOL - I just watched Kathy McMorris-Rogers (R-WA) tell Andrea Mitchell it would be bad to raise the top tax rate then-----then McMorris -Rogers followed that statement by saying we should go back to the successful tax rates of the early 1980's.
Far be it from me to call an elected congressman an idiot but-----but dontcha think Kathy
McMorris-Rogers just might be history challenged?
But history challenged congressmen aside the Responsible Wealth group did some simple arithmetic and...
Estate Tax Increase Would Add Billions In Revenue, Say Wealthy Progressives
12/11/2012
WASHINGTON - A coalition of three dozen ultra-wealthy progressives, including billionaire Warren Buffett, former President Jimmy Carter, philanthropist George Soros and former Treasury Secretary Robert Rubin, launched a new effort Tuesday to press members of Congress and the White House to raise the estate tax in order to provide additional revenue for the federal budget.
"A substantial estate tax can provide revenues at a time when our federal government badly needs revenues and the estate tax will do this without an adverse effect," Rubin said on a conference call organized by the progressive group, Responsible Wealth.
So far, negotiations between the White House and congressional Republicans surrounding the "fiscal cliff" have largely focused on added revenue from higher tax rates for top income levels. But as the December 31 deadline nears, alternative revenue streams are attracting renewed attention.
According to the nonpartisan Tax Policy Center, raising the estate tax by just 10% could produce more than $250 billion in added revenue over the next ten years. In contrast, raising the tax rate on the top 2 percent of earners would only produce around $100 billion in the same period, according to the Congressional Budget Office.
Members of Responsible Wealth, including Bill Gates Sr., Abigail Disney, and Richard Rockefeller, believe that a progressive estate tax is both sound fiscal policy and a personal civic responsibility for wealthy Americans whose families benefited from government investment at all levels of their businesses. "My grandfather Roy and his brother Walt both made their fortunes because of the American system, because there was funding for infrastructure, roads, highways, and regulations," said Disney. "I have no desire to compound my already significant advantages, especially not on the backs of the middle class."
<snip>
Currently only around 4,000 people in the United States are affected by the estate tax policy. In 2011, around 3,200 people paid estate taxes, and of those, only 50 were family farms or small businesses.
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