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.