uggabugga

HOME RSS | .

Tuesday, August 31, 2010

Rober Rubin is trying to fool you:

He writes in the Wall Street Journal:

Bring Back the Estate Tax Now

Allowing it to lapse has cost us billions of dollars in revenue this year.

Congress is finally turning its attention to the expiring 2001 and 2003 tax cuts. But there is one tax issue that should have long since been addressed: the federal estate tax. That tax expired at the end of last year, and there have been no estate taxes levied this year. If a new estate tax is not enacted as soon as Congress returns from its August recess, this void will continue until the end of the year.

We would recommend continuing 2009's regime, with a top rate of 45% and a $3.5 million individual exemption. Small businesses and family farms can be protected both through the exemption (which is $7 million for a couple) and through special deferred payment rules.

Sounds progressive, right? It's not. If nothing is done, the taxation will revert to the 2001 levels which has a top rate of 55%.

posted by Quiddity at 8/31/2010 10:27:00 PM

5 comments

These patrician greedheads treat us like fools. Unfortunately, we tend to live down to their opinion.

By gmoke, at 9/01/2010 7:13 PM

How many jobs do you think the 55% rate will help create?

By Anonymous, at 9/01/2010 9:11 PM

"How many jobs do you think the 55% rate will help create?"

In the long run, quite a few, since the revenues gained from the estate tax (a) will enable income taxes to be that much lower (b) mostly come from large estates, which in turn (c) mostly arise from collection of economic rent.

By Anonymous, at 9/03/2010 8:44 AM

one of the docus on the economic meltdown quips the only reason madoff went to jail was because he ripped off the wealthy.

in a just world, rubin would be sharing a bunk with madoff.

By omen, at 9/08/2010 5:54 PM

in a just world, rubin would be sharing a bunk with madoff.

Wrong. In a just world, they'd be sharing a lamppost.

By Anonymous, at 9/10/2010 6:19 AM