On June 22 the U.S. House of Representatives approved a resolution to consider a bill to permanently eliminate the Estate Tax (skillfully spun by the Republican neo-cons as “death tax”).
If Congress approves this bill and it is signed into law, it will mean our treasury will realize an additional deficit of $283,000,000,000 (that’s BILLION) over the next decade, a time when our soaring national deficit can least afford this additional blow.
Consider this. The resolution was approved by a vote of 226 – 194. Republicans voted 224 – 0 in favor of considering the bill to repeal the estate tax. So, I don’t have to tell you how our current representative Zach Wamp voted.
Now the Republicans in Washington would like for you to believe a permanent elimination of the Estate Tax will result in tax savings to average Americans like you and me. But they grossly distort the facts in this effort. Here’s one example of this distortion and disinformation:
Following the passage of this resolution, Republican House Majority Leader John Boehner publicly stated:
“… we’ve decided to try to do what we think is doable, by passing this death tax (bill) that will eliminate any possible death taxes for 99.999 percent of the American people.”
What he very conveniently leaves out is that 99.4% of us are completely unaffected by this change. Why? Because 99.4% of us do not have to pay it now! It is nothing but a tax break for the richest of our nation, a mere fraction of the wealthiest 1%.
It is an effort by the Republican administration and Republican dominated Congress to repay the lavish sums of money contributed to their party and their individual campaigns. What’s perhaps even more appalling is they either don’t believe or don’t care that the American people are capable of seeing through this disguise.
If repealing the Estate Tax change affects you, then you must belong to a group similar to:
The CEO of the Pfizer pharmaceuticals corporation who, upon retirement, will continue to draw his salary of $6.1 million PER YEAR for the remainder of his life.
The recently retired head of AT&T who was granted a retirement of $2.1 million per year for the rest of his life; 60% of his annual salary during his five-year tenure.
But you’re probably more likely to find yourself in the company of an accountant who, after 30 years of employment at AT&T, will draw a pension of $28,000 per year. This is somewhat less than expected due to changes in AT&T’s pension plan in 1998.
Let’s ask ourselves just what these men did during their tenures to deserve that kind of “gratitude.” Granted, these are private companies and can, with stockholder or board approval (and sometimes WITHOUT it, as in the case of Enron) allocate their money and resources as they see fit. Yet these examples serve to illustrate more and more of what is happening in our nation. It is a trend clearly not in the best interest of our political and economic system and it is with the bought and paid for blessings of the current administration and Congress.
The gap between the rich and the poor in this nation is widening to a record degree. As that gap widens, the number who are moving in one direction – down – far far surpasses the number of elite who prosper, sometimes less due to their hard work and ability and more due to favoritism and special privilege accorded them at the expense of the average U.S. taxpayer.
But you don’t even have to take my word for it. Even billionaire Bill Gates wrote that repealing the Estate Tax would represent a huge step backward for our economy and for our democracy. Mr. Gates wrote:
“Instead of taking steps that would strengthen our democracy, we’re heading backward to the wealth inequalities of a century ago. We need to preserve the estate tax in states and at the federal level for exactly the reason it is under assault. In a democracy, we should be offended when the power of concentrated wealth brazenly attempts to shape the terms of policy debate and dictate the rules of our society.”
Like so many other lies and distortions by this administration and its lockstep Congressional Republicans, “We the People” are seeing through it. I challenge every individual to subject the Estate Tax spin to the light of truth.
I’m one of the Veterans for a Secure America (“Fighting Dems”) running for US Congress in the third district of Tennessee. I’m running a grassroots campaign against a long-term Republican incumbent who has chosen not to honor his term limit pledge of twelve years ago. Please visit my website at www.terry06.com and help take America back! I need and very much appreciate your support!
