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UNITED STATES: POLITICS: POLITICAL PARTIES: REPUBLICAN PARTY, TEA PARTY :
INDUSTRIES: PETROLEUM :
LIBRETARIANISM :
INCOME: INEQUALITY :
INCOME: DISPARITIES :
TAXES AND TAXATION: ESTATE TAX :
LAW: LEGISLATION: PROPOSED LEGISLATION :
GREED:
Republicans Push $269 Billion Handout For Millionaire Heirs And Heiresses
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Republicans Push $269 Billion Handout For Millionaire Heirs And Heiresses
Posted: 04/14/2015 10:27 am EDT
Updated: 04/14/2015 11:59 am EDT
Zach Carter
Huffington Post
http://www.huffingtonpost.com/2015/04/14/
republicans-push-269-bill_n_7061458.html
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A shorter URL for the above link:
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http://tinyurl.com/ncjcrsl
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WASHINGTON -- House Republicans this week will vote to hand the heirs and
heiresses of America's largest fortunes a $269 billion tax break by
repealing the federal inheritance tax.
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The legislation would shield the very richest families from taxes on the
fortunes they inherit. After years of GOP attacks on the inheritance tax,
also known as the estate tax, only a few thousand of the wealthiest
families are subjected to it -- 4,700 total in 2013, according to the
Joint Committee on Taxation. Only individual fortunes worth over $5.43
million can be taxed under current law, an amount that doubles to $10.86
million for wealthy couples. The Republican proposal would eliminate all
of these estates -- which are over 15,700 percent richer than the median
American household -- from taxation.
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Inheritance taxes are at the center of the policy debate over economic
inequality. French economist Thomas Piketty has called for a global wealth
tax to combat widening economic inequality based on unearned wealth passed
between generations. But the Republican bill scheduled for a vote this
week would move in the exact opposite direction, eliminating even the
limited taxes on family capital that the United States currently deploys.
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"There has been a very aggressive lobbying campaign by some of the
wealthiest families in the country for a couple of decades now," said
Chuck Marr, director of federal tax policy at the Center on Budget and
Policy Priorities, a liberal-leaning think tank. "But this is more radical
than other recent efforts."
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No Democrats voted for the GOP bill, dubbed the Death Tax Repeal Act of
2015, in committee. And the legislation wouldn't just eliminate the estate
tax -- it would also allow heirs to escape the already-generous capital
gains tax on any stocks and real estate they receive. The change would
significantly alter the meaning of the capital gains tax, since capital
gains taxes only hit the wealthy when they actually sell an asset. Moguls
could keep their wealth in the stock market and pass it down from
generation to generation without ever being taxed.
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The complete article may be read at the URL above.
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