From Money magazine:
“According to a 2015 report from Congress’s Joint Committee on Taxation, 4,700 estate tax returns reporting tax liability were filed in 2013, out of 2.6 million total deaths in the United States. That means the estate tax hits roughly 0.2% of Americans, or 1 out of every 500 people who die.”
Paul Ryan, Kevin Brady, and company are betting that the American people are complete idiots. The midterm elections will tell us if they’re right or not.
The proposed plan is great for the five thousand Americans each year that pay up 40% in estate taxes. Nah, that understates it. The plan is fucking unbelievable for the five thousand Americans that pay up to 40% in estate taxes each year. If Frump is in fact a billionaire, when he dies his heirs will save $400m in taxes.
Social mobility in the U.S. already lags most every other developed country in the world. The elimination of the estate tax will create a large, entrenched aristocracy that will put the British to shame.
Somehow we’re supposed to believe that working families that are not invested in the stock market are going to benefit from a 15% reduction in the corporate tax rate. Trickle down my ass.
There are only two questions that matter, but they’re not ones the Republicons want asked, let alone answered:
• Can we flourish as one country given the current differences in wealth?
• Will this plan reduce the rich/poor divide?
Don’t buy the bullshit the Republicons are selling. The answers are no and hell no.
And thanks to Dan, Dan, the Transpo man for teaching me how to spell Republicon. I have mistakenly been using an “a” for many years.
Postscript: Is there a Congressional Medal for this?