Thursday, April 14, 2005

Meanwhile, The Rich are Set to Get Richer

W, Rove and Co are on a mission to help out "their base." Rich people. Congress, the rich folks that they are, are set to give themselves and their supporters/donors another tax break.

Remember, "Behind every great fortune is a crime." – Honore de Balzac, French novelist (1799-1850).

Unfortunately, there are not more wealthy individuals who subscribe to capitalism with a conscience.


In 1997, the estates of fewer than 43,000 people — fewer than 1.9 percent of the 2.3 million people who died that year — had to pay any estate tax. The Joint Committee on Taxation projects that the percentage of people who die whose estates will be subject to estate tax will remain at about two percent for the foreseeable future. In other words, 98 of every 100 people who die face no estate tax whatsoever.

To be subject to tax, the size of an estate must exceed $675,000 in 2001. The estate tax exemption is rising to $1 million by 2006. Note that an estate of any size may be bequeathed to a spouse free of estate tax.

End Slice:

Given that most of us don't qualify, nor will we ever qualify to be taxed under the existing and the changing law, why are more people not outraged by the pending action by Congress?

1 comment:

SheaNC said...

Thanks for the great post, and the great links, also. There's not much I can say about the subject, though. We know it was like that throughout history, and I thought it was getting better in he 20th century, but apparently the 21st century is going to reverse whatever progress was made. The neocons want to restore a societal structure of royalty & peasantry, with law based on religion. I am saddened to witness the transformation.