The Misguided Vote to Kill the Estate Tax and Raise the Debt!

Garret Graves voted http://1.usa.gov/1b0olzb in favor of THE RICHEST 0.2%, against Working Families and in favor of raising the DEFICIT $269 Billion (See debt documentation CLICK HERE) ALL WITH ONE VOTE!

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As usual, the GOP gives a misleading name to legislation.  In this case, the GOP calls its legislation repeal of the "Death Tax".  Actually, the legislation repeals the tax on inheritance; nobody gets taxed for dying. 

More importantly, most people don’t leave a taxable estate when they die. Only about 5,400 estates – two for every 1,000 deaths – will owe any federal estate tax this year. That’s because most Americans’ life savings fall far short of the amount exempted from estate taxation. That exemption is more than $5 million for an individual and effectively twice that for a married couple (When one spouse dies, the surviving spouse can receive the couple’s assets tax free along with the decedent’s exemption.).

Who Benefits from the Repeal of the Estate Tax:

 

  • Only the nation's wealthiest 5,400 estates would benefit -- about 2 of every 1,000 estates -- because only those estates currently face the estate tax to begin with.
  • The nation's wealthiest 1,336 estates -- those worth $20 million or more -- would receive 73 percent of the benefit, with each receiving a tax windfall averaging roughly $10 million.
  • The nation's wealthiest 318 estates -- those worth at least $50 million -- would receive tax windfalls averaging more than $20 million each.

 

 

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