A Historic Breakthrough for U.S. Billionaires

from Too Much: A Commentary on Excess and Inequality:



A Historic Breakthrough for U.S. Billionaires
May 8, 2010

In 2010 America, schools, students, and teachers share the pain. The heirs to our mega rich, meanwhile, don’t have to share anything.

By Sam Pizzigati


A moment of silence, please, for Dan Duncan. The 77-year-old Duncan, a Houston resident, passed away the end of March. He left behind a spouse, four grown children, four grandkids — and a fortune worth $9 billion.

Duncan also left behind another distinction. He has become the first American billionaire to ever leave his heirs a tax-free fortune.

America’s first-ever billionaire — John D. Rockefeller — slid into the hereafter back in 1937. At that time, a federal estate tax had already been in effect for 21 years. John D.’s heirs faced a 70 percent tax rate on the bulk of his estate.

Dan Duncan’s heirs face a 0 percent estate tax levy. His son and three daughters have now become instant billionaires.

If Duncan had passed on last year, instead of this one, his heirs would have had to share their new billions, as many as four of them, with the rest of America. But this year, for the first time since 1916, no estate tax graces the tax code. ........(more)

The complete piece is at: http://toomuchonline.org/a-historic-breakthrough-for-u-s-billionaires/

Or do I have my facts wrong?

When Big George leaves, his spawn will be rich...rich, I tell ya! But, they will spread their wealth around the U.S. to ease hunger and suffering of the middle class and poor. You betcha!

...this year, 2010, is THE FIRST year since 1916 with no estate tax in tax code. Enacted under the Democratic administration and Democratic Congress.

This atrocity of a 2001 legislation should've been repealed by the Democratic Congress under the Democratic administration; there is simply no excuse for this.

As the article says,

How can a civilized nation afford to hand the heirs of the super rich billions of dollars tax-free and not afford to keep teachers in classrooms?

(Incidentally, the amount of revenue (25+ billion) projected to be lost in 2010 thanks to tax cuts for the mega-rich would be enough to avert the nation’s worst teacher layoff crisis since the Great Depression. Two-thirds have already axed educators. In the coming school year, 90 percent of the nation’s school districts, says a new American Association of School Administrators survey, expect to have to let jobs go, without additional budget help.)

It is amazing to note the effectiveness of that fat, drug addicted blowhard Rush Limbaugh in convincing legions of his dirt poor listeners that a tax on the estates of the mega-rich is a death tax that will ruin America. Discussing issues like this with most bone-stupid conservatives is an exercise in frustration. They simply repeat the mindless lines fed to them each day by Limbaugh and his ilk.

tax dollars.

No reason to put the money back in circulation.

Boy, it's sounding more and more like pre-revolution France.