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Posted by JOSH FEIT on June 22 at 18:37 PM
Stranger news intern Sarah Mirk has arrived. Goldy linked her.
He dug her post about the estate tax repeal, I-920.
P.s. Be sure to read the comments thread on Sarah’s post. Outraged citizen takes action. It’s pretty excellent.
The House just passed a bill designed to basically eliminate this particular tax on all but the biggest estates:
>House Committee on Ways and Means
>For Immediate Release:
>Thursday, June 22, 2006 Contact:
>House Approves Bill to Provide Permanent Estate Tax Relief
>Bill would eliminate estate tax for more than 99 percent of all Americans
>WASHINGTON – Today, the U.S. House of Representatives approved H.R. 5638,
>the Permanent Estate Tax Relief Act of 2006 with a vote of 269 – 156. This
>bill would give Americans permanency and certainty for their estate tax
>H.R. 5638 would permanently eliminate the estate tax for 99.7 percent of
>all Americans. Those who are still required to pay the estate tax would
>have much lower rates.
>"The House of Representatives has voted time after time in a bipartisan
>manner to fully repeal the estate tax," said Ways and Means Chairman Bill
>Thomas (R-CA). "So far, those efforts have died in the Senate. Today the
>House had a choice: make another political statement or approve a bill
>that can become law. The strong bipartisan support today shows this House
>is ready to make law."
>Under current law, the estate tax gradually declines until it is fully
>eliminated in 2010. However, in 2011, the tax returns in full force. H.R.
>5638 would permanently reduce the estate tax on Americans beginning in 2010.
PS: sorry about the formatting, but what can I do, I just copy & paste, you know . . ..
hot off the press |
June 22, 2006 9:56 PM
I have a thing for activist crazies who take too much of their time to refute shit (like, don't you have friends to meet for dinner or something?) but whoever that girl is who alerted UNPAID INTERN to the polling problems sounds pretty great, and also just gave me some info I didn't know. WOWZERS that you can bullshit people into signing your petition with lies as long as the text of the petition is accurate. I guess it'd be pretty unenforcable otherwise, but the only petitions I've signed I've signed at the word of the petitioners, because I just don't make time to read all that shit.
June 22, 2006 10:45 PM
The funny thing is that all of this is brewing into a perfect storm with regards to taxation- and that storm is set to hit in 2009 from the federal government perspective. A presidential commission ("bi-partisan" for whatever that's worth) has wonkishly put out some proposals to do the first major tax code changes since 1986. The report can be found at http://www.taxreformpanel.gov/final-report/
One thing that's very interesting to note: the far right wing's "flat tax" proposals are no where to be found and it has stressed that a "progressive" tax system should be kept in place, albeit simplified.
Dave Coffman |
June 22, 2006 10:49 PM
BTW, 2009 is the "perfect storm" year because many of Bush's tax promises (and bills passed) in 2001-2002 sunset no later than 2010... and Congress will have to make some substantial changes to keep from pissing people off, especially when middle class voters start really becoming subject to the AMT. This little accounting trick was done because the feds only project out 8-10 years for deficit purposes, so Bush could mask how much the deficit would really increase over time if these "tax cuts" were allowed to remain in place permanently.
Dave Coffman |
June 22, 2006 10:52 PM
Meanwhile, props to Sarah Mink, who appears to have written the entire paper this week while everyone else was busy!
June 23, 2006 9:10 AM
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