The NYT’s has an excellent editorial laying out the case against cutting the estate tax rate. Why? Oh because Republicans are trying to repeal it again:
The proverbial millionaires next door — the plumbers, contractors and accountants who amass substantial wealth through hard work and modest living — are not the intended beneficiaries of the proposed cut. The Obama budget already takes care of them, because it retains today’s law, which imposes the estate tax only on couples with property worth more than $7 million, or individuals with property worth more than $3.5 million. That means 99.8 percent of estates will never — ever — pay a penny of estate tax.
The heirs of the remaining 0.2 percent of estates are who Ms. Lincoln and Mr. Kyl are so worried about. Their amendment would increase to $10 million the level at which the estate tax kicks in. It would also lower the top estate-tax rate to 35 percent from 45 percent.
For anyone who has been living under a rock for the past 40 years, let the record clearly state that Republicans advocate cutting taxes for the rich while cutting programs for the poor.
That being said, the estate tax issue is just plain stupid. With all of the problems going on in this country, Republicans are investing their time and energy on lowering a tax that literally effects .02% of the population.
sometimes I think about switching parties just so conservatives can have someone intelligent on their side of the aisle.