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Source: Wall Street Journal URL Source: http://online.wsj.com/article/SB100 ... 533540.html?mod=googlenews_wsj Published: Dec 10, 2010 Author: WSJ Post Date: 2010-12-10 13:16:14 by go65 Keywords: None Views: 2700 Comments: 10 Conservative opponents of the tax deal argue that it's better to start over in January with a new GOP House majority. -------- One reason for the House Democratic revolt against the tax deal is the 35% death tax provision. House Speaker Nancy Pelosi has said that the liberal caucus, which is interchangeable with the Democratic caucus, wants a 45% or 55% rate. Meanwhile, conservatives are rebelling against the tax compromise for the opposite reason. They want a much lower rate, and some are insisting on total abolition. The American Family Business Institute, a leading opponent of the estate tax, said Wednesday that a rate of 35% is unacceptable. According to the group's president, Dick Patten, "even a 35% rate loses nearly one million jobs." John Fund says House Democrats are trying to rewrite President Obama's deal and raise the death tax rate. Senator Jim DeMint of South Carolina has announced that he will vote against the bill, in part because the death tax "is raised from zero to 35%." And there may be as many as 30 to 35 House Republicans who vote "no" because of the death tax revival and other concerns, according to House whip calculations. A coalition of conservative leaders led by Brent Bozell, head of the For America grassroots group, issued a press release Thursday that criticized "the revival of the death tax and a costly extension of unemployment insurance that is still not paid for." His group is urging a "no" vote on the deal. Republican Senator Jon Kyl of Arizona orchestrated the compromise on the death tax, which is zero today but rises to 55% next year if Congress doesn't act. "This is the best deal we could get on the death tax with this president," said a Senate aide. "The alternative was to go to 55%." Mr. Bozell and other conservative opponents of the tax deal argue that it's better to start over in January with a new GOP majority in the House. If Nancy Pelosi and her minions have their way, Mr. Bozell's wish may come true. To read more stories like this one, please subscribe to Political Diary. Post Comment   Private Reply   Ignore Thread   Top • Page Up • Full Thread • Page Down • Bottom/Latest #1. To: All (#0) And now Michele Bachmann is insisting that the deal constitutes a tax hike: Rep. Michele Bachmann (R-MN) appeared on CNN, and explained that she is against the tax deal because it not only extends unemployment benefits, which she has continually characterized as “massive new spending,” but because, in her mind, it increases taxes. When a perplexed John King asked her what she was talking about, Bachmann replied that the estate tax cut Obama and the Republicans included is actually a tax increase, because a Bush-era budget gimmick set the estate tax at zero this year. Under current law, the estate tax will go to 55 percent next year, with a $1 million exemption, but under the tax deal, it will be set at 35 percent with a $5 million exemption. While John Thune argues that the deal doesn't require any off-setting of tax cuts with spending cuts (what deficit?) On January 3, 2011 the GOP assumes responsibility for deficit spending. go65  posted on  2010-12-10   13:19:43 ET  Reply   Trace   Private Reply   #2. To: go65 (#0) Really enjoyed Megyn Kelly handing that idiot Weiner his ass yesterday on this topic. Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit. Badeye  posted on  2010-12-10   13:51:05 ET  Reply   Trace   Private Reply   #3. To: go65 (#0) One reason for the House Democratic revolt against the tax deal is the 35% death tax provision. House Speaker Nancy Pelosi has said that the liberal caucus, which is interchangeable with the Democratic caucus, wants a 45% or 55% rate. All three numbers demonstrate how crooked the politicians really are. People have already paid taxes on this money. The death tax is double taxation. It destroys family farms and family businesses. The more I think about it, the more I realize that the left in America has to be completely destroyed. "It's very important to remember the law is not simply what powerful people would want others to believe it is." -- Julian Assange jwpegler  posted on  2010-12-10   17:03:05 ET  Reply   Trace   Private Reply   #4. To: jwpegler (#3) (Edited) All three numbers demonstrate how crooked the politicians really are. People have already paid taxes on this money. The death tax is double taxation. It destroys family farms and family businesses. the argument for eliminating the estate tax is that it destroys the idea of a meritocracy by concentrating more and more wealth into fewer and fewer hands. We've reached a point in this country where after 20 years of a shrinking middle class, and an increasing share of the nations wealth concentrated into 5% of the population, that those who have most suffered from this trend are the loudest proponents of increasing it. I can't explain it. And, the fact of the matter is about 80 estates owed any tax in 2009, or .003% of all estates. You keep arguing for infrastructure and education investments, but the Conservatives you seem to support keep arguing for more tax cuts for the wealthy and more defense spending at the "expense" of infrastructure and education. On January 3, 2011 the GOP assumes responsibility for deficit spending. go65  posted on  2010-12-10   17:08:09 ET  Reply   Trace   Private Reply   #5. To: go65 (#4) (Edited) concentrating more and more wealth into fewer and fewer hands LOL. Right. And how many trust fund babies use their concentrated wealth wisely? Almost none. For the most part, the death tax penalizes first generation, moderately successful entrepreneurs and their families by forcing them to sell the family business when their parents die. Great, here's what I'll agree to -- a tax on estates worth over $100 million. No tax on estates worth less. Take the money away from the Kennedy's, Rockefeller's, etc. Put these lazy ass third and forth generation kids to work. No problem with me. Don't steal money from someone who busted their butt 12 to 14 hours a day their entire life to leave their kids a convenience store, restaurant, family farm, or an auto repair shop and make their kids sell the business just to pay the tax. That's both immoral and counter productive. "It's very important to remember the law is not simply what powerful people would want others to believe it is." -- Julian Assange jwpegler  posted on  2010-12-10   17:22:28 ET  Reply   Trace   Private Reply   #6. To: jwpegler (#5) For the most part, the death tax penalizes first generation, moderately successful entrepreneurs and their families by forcing them to sell the family business when their parents die. Not where it's at now, with only .003% of estates being subject to it. On January 3, 2011 the GOP assumes responsibility for deficit spending. go65  posted on  2010-12-10   22:17:23 ET  Reply   Trace   Private Reply   #7. To: go65 (#0) The Entire package is the deal breaker. The way the deal was put together is the Deal Breaker. And blaming the victim for the Hostage Takers getting their way is the Stockholm Syndrome. We lost the WH without an election. mcgowanjm  posted on  2010-12-11   10:43:45 ET  Reply   Trace   Private Reply   #8. To: go65 (#6) Not where it's at now, with only .003% of estates being subject to it. This year, no one is subject to it. Next year, estates worth over $1 million will be taxed at 55%. $1 million isn't squat. It's cost about $1.5 million on average to open a McDonald's. 55% of $500,000 = $275,000. Who has that kind of money laying around? So, you wind up having to sell the entire business just to pay the taxes. It's immoral and counterproductive. "It's very important to remember the law is not simply what powerful people would want others to believe it is." -- Julian Assange jwpegler  posted on  2010-12-11   13:41:10 ET  Reply   Trace   Private Reply   #9. To: jwpegler (#8) his year, no one is subject to it. Next year, estates worth over $1 million will be taxed at 55%. $1 million isn't squat. It's cost about $1.5 million on average to open a McDonald's. the first $1 million is exempt from the tax, is it not? On January 3, 2011 the GOP assumes responsibility for deficit spending. go65  posted on  2010-12-11   18:59:57 ET  Reply   Trace   Private Reply   #10. To: go65 (#9) (Edited) the first $1 million is exempt from the tax, is it not? Since you didn't comprehend it, let me repeat it again. Dad dies and leaves you a McDonalds. The government says its worth $1,500,000 and taxes you $275,000 = ($1,500,000 - $1,000,000) * .55. You don't have $275,000 so you have to sell the entire business to pay the stinking government. They government has just ruined your family business that your family has worked their entire lives to build. It's immoral and counter productive. "It's very important to remember the law is not simply what powerful people would want others to believe it is." -- Julian Assange jwpegler  posted on  2010-12-12   9:15:38 ET  Reply   Trace   Private Reply   Top • Page Up • Full Thread • Page Down • Bottom/Latest

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