Word: repealers
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These stories do not square with the hard facts. The Republicans are capitalizing on the public's misconceptions about the estate tax and the "marriage penalty." The Republicans would have the electorate believe that farmers and small businesses would benefit from the repeal of the estate tax. In reality, the biggest beneficiaries are the extremely wealthy. Recent polls show that 17 percent of Americans believe that they will be affected by the estate tax. However, only 2 percent of Americans ever actually pay it. Estates worth $5 million or more paid half of the estate tax in 1997. Farmers, about...
...story of a man named Charlie who rides "forever 'neath the streets of Boston," without a nickel to pay the subway's new exit fare. Walter O'Brien, a Boston politician, used the tale of the famous "man who never returned" in his 1948 mayoral campaign, promising to repeal the fare hike and "get Charlie...
...child tax credit and reducing the marriage penalty--but since the thrust of his plan is an across-the-board cut, the wealthy folks who pay the bulk of the taxes would enjoy the greatest gains (the top tax bracket would drop from 39.6% to 33%). Bush would also repeal the estate tax, which in addition to providing needed relief to family farmers and small-business owners would deliver a windfall to the very rich. Result: a small number of affluent people would get almost half of the benefit from Bush's plan...
...child tax credit and reducing the marriage penalty--but since the thrust of his plan is an across-the-board cut, the wealthy folks who pay the bulk of the taxes would enjoy the greatest gains (the top tax bracket would drop from 39.6% to 33%). Bush would also repeal the estate tax, which in addition to providing needed relief to family farmers and small-business owners would deliver a windfall to the very rich. Result: a small number of affluent people would get almost half of the benefit from Bush's plan...
Still concerned about the privileged getting too big a break? Take solace in the fact that the current repeal bill would hit the superrich with an additional levy on capital gains that common folk will never see. So it would not be a total free ride for the well-to-do, while for small-business owners, it would be welcome relief...