Republicans Pass Tax Cut For Rich That Blows Up Deficit
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The Republican House voted to repeal the estate tax, a bill which, if law, would increase the deficit would increase the deficit by $270 billion.
Apparently, repealing the Paris Hilton Tax is something that desperately needs to be done. Right now, it only applies to inherited assets worth $5.4 million or more, not your Teabilly uncle’s double-wide, but listening to them talk, you wouldn’t think that.
Republican Georgia Representative Tom Graves said of the repeal, “It’s past time to repeal this unacceptable tax. Every American deserves the ability to pass their life’s savings to their kids.”
That’s right; everyone loves Paris Hilton, Perez Hilton, and Kim Kardashian, right? They worked so hard for their fortune. It’s time to get rid of the Paris Hilton Tax once and for all. Those 5,400 estates, or 0.2% of taxpayers, need this relief. These are desperate times; they might be forced to sell that second home.
And you wouldn’t want them second homeless, would you? Then they’d be stuck with just one home, and what kind of monster does that to aristocrats? They’re sensitive souls, the vast majority of whom don’t even work for an honest wage, but instead live off their investments and government handouts.
Reuters notes that repealing the tax would boost the federal deficit by $269 billion over 10 years, so the deficit hawks are all over this unacceptable government handout, right? Right? Buller?
Even if it does pass the Senate, Obama has threatened a veto, and the Senate needs a two-thirds majority it doesn’t have in order to override said veto.
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granpa.usthai April 18th, 2015 at 9:25 am
TYPICAL REPUBLICON ‘blue collar’ BS.
‘we’re for tax cuts’
(that will benefit the rich only)
glad to see they’re finally being called out.
as was the case with McCain in 2008, and Romney in 2012
if you make under $5,000,000 / year and vote RepubliCON
you’re only cutting your own throats and your children’s for GOP amusement.
fancypants April 19th, 2015 at 12:17 am
now you know why it takes over 1 million in campaign funds to be president
anything le$$ and you end up watching the rest of the clown show
Dwendt44 April 19th, 2015 at 5:57 pm
That’s BILLION with a real big ‘B’. The Koch brothers are going to spend that much to get a obedient Republican elected president next year.
fancypants April 19th, 2015 at 6:04 pm
you can contend with a few 100 million ( if needed )
the koch brothers need that much because they have at least 3 horses in this race and they are going to get chumped ***big time*** just wait and see
Hirightnow April 18th, 2015 at 10:11 am
Mr. President, could you please step on that bug?
(Honestly, I know D.C. was built on a swamp, but these Kochroaches are getting out of hand!)
mea_mark April 18th, 2015 at 10:37 am
Why the hell does anyone not in the top 1% vote for these idiots? They are out to totally screw 99% of Americans so a few can live off of the back of many, it’s insane.
VOTE PEOPLE, VOTE. (in all republican caps so even the republicans can understand and hopefully get the message. Don’t vote for those that want to srew you.)
Dwendt44 April 18th, 2015 at 7:42 pm
There are two kinds of Republicans, the rich and the suckers.
mea_mark April 18th, 2015 at 8:25 pm
Pretty much. The sad truth about America.
Mike April 18th, 2015 at 5:10 pm
Veto it…done.
Carla Akins April 18th, 2015 at 6:25 pm
This is seriously a thing? The tiny bit of work they do and this is what gets passed? FFS.
mea_mark April 18th, 2015 at 6:44 pm
This is how the republicans pander to the rich, they are just giving them as much of America as they can.
tracey marie April 18th, 2015 at 8:25 pm
We should know, Texas is losing jobs and revenue and patrick is hellbent on tax cuts in the billions while losing even more billions in oil revenue and taxes from the 10,000 oil/gas workers now unemployed
trees April 18th, 2015 at 8:09 pm
Yep, your dad, the entrepreneur, worked his whole life…..
Accumulated a lot of wealth and paid taxes on the wealth, as he made and saved he was taxed and he paid.
Dad died.
Whose money is it?
Does it belong to his heirs?
I see….
tracey marie April 18th, 2015 at 8:23 pm
The hiers did not earn the money, tax it
tracey marie April 18th, 2015 at 8:26 pm
They did not build that, the roads, bridges, berms and all the infratructure was paid for by taxpayers
OldLefty April 18th, 2015 at 8:41 pm
” You didn’t build that”
______
The willful ignorance about that phrase is amazing, but then it shouldn’t be.
Dwendt44 April 19th, 2015 at 5:55 pm
Only among those that are willingly ignorant of the phrase.
Javafutter April 27th, 2015 at 7:23 am
It’s interesting that you use the phrase ‘willful ignorance’. Because you obviously refused to read President Obama’s entire statement; making you truly willfully ignorant. Here’s your opportunity to rid yourself of ignorance and become willfully informed. Here’s his entire statement.
“If you were successful, somebody along the line gave you some help. There was a great teacher somewhere in your life. Somebody helped to create this unbelievable American system that we have that allowed you to thrive. Somebody invested in roads and bridges. If you’ve got a business — you didn’t build that. Somebody else made that happen. The Internet didn’t get invented on its own. Government research created the Internet so that all the companies could make money off the Internet.
The point is, is that when we succeed, we succeed because of our individual initiative, but also because we do things together. There are some things, just like fighting fires, we don’t do on our own. I mean, imagine if everybody had their own fire service. That would be a hard way to organize fighting fires.”
OldLefty April 27th, 2015 at 7:28 am
And he is EXACTLY right, which was my point.
Those who claim he simply said, “You did not build that” say it out of willful ignorance.
Could YOU be one of them??
Javafutter April 27th, 2015 at 8:58 am
No actually. I think I mistook your post for saying Liberals are willfully ignorant. Carry on….peace
arc99 April 18th, 2015 at 8:48 pm
I will give you the same advice that was so smugly dispensed to me by right wing partisans on boards like this one between 2001 and 2008.
If you do not like the policies of the current federal government, try winning an election. Well we did that. In fact, when it comes to the Presidency we have won the popular vote in 5 of the last 6 elections.
And frankly, your hypothetical business owner quite likely relied on the paved interstate highways that taxes paid for, benefited from snow removal on those highways which taxes paid for, enjoyed the protection of law enforcement which taxes paid for, benefited from the legal system paid for by taxes which protected his copyright, used the clean water that taxes paid for, solicited customers with commericals on the free airwaves of broadcast radio and television which taxes paid for, and traveled safely on business trips using air travel thanks to the enforcement of safety regulations paid for by taxes. Now that you mention it, no your hypothetical business owner did not build any of that but benefited greatly from it.
So try winning an election so that you have a Congress with a veto proof majority in passing this tax repeal, and a President who will sign it. That is how our system works.
According to the United States Constitution which you conservatives claim to revere.
Article 1 Section 8
The Congress shall have power to lay and collect taxes, duties, imposts and excises, to pay the debts and provide for the common defense and general welfare of the United States; but all duties, imposts and excises shall be uniform throughout the United States;
Dwendt44 April 19th, 2015 at 5:54 pm
Add in the special tax breaks for the rich, the subsidies that many industries and commercial interests get directly from the government. Some states have no property tax either, thereby extending the largess that governments doll out to the rich and the connected.
And please don’t forget that the first $5 million of an estate is exempt from inheritance taxes.
OldLefty April 18th, 2015 at 9:02 pm
Yep, your dad, the entrepreneur, worked his whole life…..
Accumulated a lot of wealth and paid taxes on the wealth, as he made and saved he was taxed and he paid.
______
If Dad accumulated that much wealth, he probably took a lot from the state as well.
Many of the greatest American fortunes have been founded by prying land, public enterprises and
monopoly rights from the public domain via subsidies, land grants, carried interest, etc.
Throughout our history the world’s most successful economies have been those that have kept
this kind of primitive accumulation in check. The US economy today is faltering largely because its past
barriers against rent-seeking are being breached.
Javafutter April 27th, 2015 at 7:16 am
He made a lot of money working in a country that provided roads, bridges, highways, health care, water, electricity and more; in other words infrastructure your dad did not build and probably could not afford to build.
And your dad made the money, not you.
And then there’s the idea of patriotism. Because these same people who want to get rid of this Paris Hilton tax cut, want to cut Social Security for modest income seniors who also worked their whole life and put that money away.
Take from the middle class and poor and give to the rich.
OldLefty April 18th, 2015 at 8:38 pm
Ya gotta love these deficit peacocks.
Meanwhile;
“A power to dispose of estates for ever is manifestly absurd. The earth and the fulness of it belongs to every generation, and the preceding one can have no right to bind it up from
posterity. Such extension of property is quite unnatural.”
-Thomas Jefferson
North Carolina’s 1784 statute explained that by keeping large estates together for succeeding generations, the old system had served “only to raise the wealth and importance of particular families and individuals, giving them an unequal and undue influence in a republic” and promoting “contention and injustice.”
Thomas Paine, like Smith and Jefferson, made much of the idea that landed property itself was an affront to the natural right of each generation to the usufruct of the earth, and proposed a “ground rent” — in fact an inheritance tax — on property at the time it is conveyed at death, with the money so collected to be distributed to all citizens at age 21, “as a compensation in part, for the loss of his or her natural inheritance, by the introduction of the system of landed property.”
Theodore Roosevelt declared that the transmission of large wealth to young men “does not do them any real service and is of great and genuine detriment to the community at large.”
Funny, huh?
OldLefty April 18th, 2015 at 9:05 pm
“All the property that is necessary to a Man, for the Conservation of the Individual and the Propagation of the Species, is his natural Right, which none can justly deprive him of: But all Property superfluous to such purposes is the Property of the Publick, who, by their
Laws, have created it, and who may therefore by other laws dispose of it,
whenever the Welfare of the Publick shall demand such Disposition. He that does
not like civil Society on these Terms, let him retire and live among Savages.
He can have no right to the benefits of Society, who will not pay his Club towards the Support of it.”
– Benjamin Franklin
Commie, hippie!
fancypants April 19th, 2015 at 12:25 am
That’s right; everyone loves Paris Hilton
———————————————
paris will date anyone With or without a wardrobe