|
Editor, Next week the Senate is scheduled to take up legislation by Arizona Republican Jon Kyl that would permanently repeal the estate tax on the wealthiest Americans. If enacted, it would result in a revenue loss to the U.S. Treasury of $1 trillion over the next 10 years, on top of the almost $9 trillion national debt the Republicans have racked up so far. Sooner or later, the rest of us will have to make up for all these lost trillions by paying higher taxes, higher interest rates, higher inflation or a combination of all three.
Republicans call the estate tax as the "death tax" because it sounds worse. I think they should name the proposed repeal of the estate tax, more accurately, "The Paris Hilton Relief Act."Republican priorities are nothing less than astonishing. Now that Exxon’s retiring chairman has gotten his $398 million retirement package (plus perks), the Republican leadership is seeking to eliminate the estate tax so his heirs won’t have to pay anything when he dies. Look, a guy enters this world with nothing, is incredibly fortunate to be born in America, has a great life, makes a fortune and at the end has to throw half his chips back into the pot. What’s so awful about that? "My dad worked hard for that money, and I deserve all of it, untaxed," a son might say. Maybe his dad did. And maybe his dad didn’t. (Not everyone who makes a lot of money works harder than the rest of us.) My reply: "You will only inherit $20 million instead of $40 million. Try to be a good sport about it." Republicans cry "class warfare" when anyone questions their many giveaways to the rich. But billionaire Warren Buffett boasted, "If this is class warfare, then my side is winning." Alan Light
Iowa City, Iowa
----
v2i21
|
