Dr. Frankenbama: Death Tax Re-Animator


The horror!

Death and taxes may be inevitable, but they shouldn’t be related. - J.C. Watts, Jr.

President Bush’s tax cuts of 2001 and 2003 lowered the death tax from 55 percent to 45 percent this year and would have eliminated them entirely next year. But Dr. Frankenbama’s budget drags the rotting corpse of the death tax from its intended grave by keeping it at its 2009 level next year. The doctor who would be God wants the money the tax will generate (45 percent of a deceased person’s estate valued over $3.5 million dollars and $7 million for a couple) to pay for his horrific social experiments. With the Democrat-controlled Congress cast in the role of Igor to help him, there’s nothing to stop the horror.

It’s not like the mad doctor hasn’t been warned by saner brains. His own key economic advisor, Larry Summers, wrote in a 1980 analysis:

“The evidence presented indicates that inter-generational transfers account for the vast majority of aggregate U.S. capital formation.”

William Beach, a senior fellow in economics at the Heritage Foundation cautions:

“By and large, the death tax is borne by people who own small businesses, who haven’t had the benefit of big corporate lawyers and big corporate accounting offices to prepare them for paying this tax.”

But never mind that. The doctor has obligations, He can’t risk angering those special interest groups – zombies and other ghouls who feed on the flesh of those who create jobs and wealth – who want their social engineering and want it now.

Horrified Republicans protest that the death tax attacks more than just the wealthy. Sen. John Ensign (R-NV):

“It destroys a lot of small businesses and a lot of family farms and ranches in America.”

House Minority Leader John Boehner (R-OH):

“People who aren’t wealthy, who may have built up value in land over generations and many family farms find themselves in situations where they’ve got to sell the farm in order the pay the taxes.”

Ensign and Boehner have offered a counter proposal calling for zero percent for those whose wealth is less than 5 million dollars and 15 to 35 percent for larger amounts.

With ears that large, one would think that Dr. Frankenbama would hear the warnings or compromise with the Republicans, but, alas, his zombie hordes have made him a God, and Gods know better than mere ignorant villagers. Besides, as he has pointed out, “I won.”

Sadly, there’s little a poor villager can do but light a torch, grab a pitchfork and pray that the monster destroys itself and the mercurial political career of the crazed doctor who would be God along with it.

- JP


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9 Comments Leave a comment

Way to Relegate Conservatives to Obscurity, 0

jimmuy8 (Diary) Thursday, April 2nd at 11:12AM EST (link)

Let’s see, you’ve brought back:
1) Tax and Spend Liberal
2) Gun Banning Liberal
3) Welfare Queen Liberal
4) Corruptocrat Liberal (redundant, I know)
5) DMV Liberal

and now you are bringing back “Death-Tax Liberal?”

If only there was a party who had leaders who could capitalize on such opportunities.

If only . . . .

 

Really?

ignatov Thursday, April 2nd at 11:27AM EST (link)

This article is completely tone deaf. We’re all struggling to survive and you express concern for the tax burden of millionaires. Who cares if Paris Hilton’s massive inheritance gets taxed at 60% or 30%?

“All generalizations are false, including this one.” – Mark Twain

I'm impressed

Kyle-MI (Diary) Thursday, April 2nd at 11:33AM EST (link)

You held a sleeper account two years, just to spout this drivel.

If you had read the article and done some research on the death tax, you would now that it is an ineffective tax with semi-truck sized loop holes that allow the rich like Paris Hilton to get off with little while causing small businesses to close up just because the original owner dies. This is all driven by envy, class warefare and brain-dead people like you.

Wish I could say the same...

ignatov Friday, April 3rd at 10:59AM EST (link)

If the GOP wants to be the defenders of the rich during a global depression, then they will be in the wilderness for years to come.

We need multiple, viable parties to keep everyone honest. The Democrats will become corrupt if there’s no opposition. Why does the GOP keep shooting itself in the foot?

“All generalizations are false, including this one.” – Mark Twain

 

Wish I could say the same...

ignatov Friday, April 3rd at 10:59AM EST (link)

If the GOP wants to be the defenders of the rich during a global depression, then they will be in the wilderness for years to come.

We need multiple, viable parties to keep everyone honest. The Democrats will become corrupt if there’s no opposition. Why does the GOP keep shooting itself in the foot?

“All generalizations are false, including this one.” – Mark Twain

 
 

you should care

streiff (Diary) Thursday, April 2nd at 11:40AM EST (link)

The idea that wealth is the government’s to distribute as it sees fit is outside our cultural and political traditions.

“What keeps me here is the reek of beer, the ladies and the craic”

 

Just remember, sleeper troll...

Josh Painter (Diary) Thursday, April 2nd at 11:44AM EST (link)

Class warfare is crass warfare.

Now, back under the bridge. And take your copy of Communist Manifesto with you.

- JP

“An armed society is a polite society” – Robert A. Heinlein, “Beyond This Horizon” (1942)

 
 

Old wealth families don't pay the death tax

Kyle-MI (Diary) Thursday, April 2nd at 11:27AM EST (link)

The smartest of the wealthiest set up charitable foundations and put their children and other close family on the board. Board members get a very generous salary the size of which they get to decide. They still get to control the wealth and investments through the foundation, but the return on investment is never taxed on the personal level. In many cases they still run the family company because the majority stock in owned by the charitable foundation which is controlled by the family. If one of the family member dies, the death tax only applies to the small portion of their wealth that they personally control. The rest legally belongs to the foundation.

Even

Pomme (Diary) Thursday, April 2nd at 11:51AM EST (link)

not so rich, smart, small business owners do that. It’s a big reason why the death tax is idiotic at best.

“Liberals claim to want to give a hearing to other views, but then are shocked and offended to discover that there are other views” William F Buckley Jr.