Thursday, July 28, 2005

The Death Tax -- For an Exclusive Club Only

Turns out only a couple dozen farmers would actually benefit from repeal of the estate tax -- more sensationally know as "the death tax."

The Congressional Budget Office looked into the matter and came up with a surprisingly small number.

But Al Kamen at the Washington Post points out it doesn't include all "farmers" -- like city slickers who own farmland on the side.

Some of the people in DC who have heirs benefiting from repeal of the estate/death tax:

  • President Bush's -- $800,000 - $6 million break for his heirs
  • Defense Secretary Donald Rumsfeld's -- $101 million or less in tax savings
  • Vice President Dick Cheney and 11 Cabinet Members -- combined $344 million in tax savings
  • The 20 wealthiest Congress members who support the tax's repeal -- $200 million in tax savings


(WashPost)

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