Congress: Save Walton's Mountain
The last time I looked there were six or eight Waltons topping the list of richest Americans. So I am not surprised to see the Wal-Mart Walton clan leading the fight to do away with the estate tax. I am even less surprised to see the GOP-controlled Congress taking up their cause. It is a significant moment in our country’s history. Should Congress somehow fail to repeal the estate tax, Walton heirs will be forced to pay their share financing a government that takes such good care of them and their world empire of box stores.
The “born on third base” crowd has a champion in Senate Majority Leader Bill Frist. While the vast majority of his Tennessee constituents are more worried about paying 3 bucks for gasoline, Frist keeps his eye on the prize: those who can best fund his ’08 Presidential campaign. He warmed the hearts of the estate lobbyists when he said with a passion working families never hear: “Now is our time. Here is our moment. Let’s end the death tax forever!”
What will it cost the government to eliminate the estate tax? Don’t ask. Republicans never do. Pennsylvania Sen. Rick Santorum declares airily: “Of course Democrats believe that cutting taxes is a huge mistake. That’s why they’re in the minority.”
Let’s face it: “tax and spend” Democrats are looking pretty good compared to “cut taxes and spend” Republicans. One balances the budget and leaves a surplus. The other rewards the super-wealthy and bankrupts our grandkids.
If you read the ads promoting estate tax repeal, they feature sorrowful scenes more reminiscent of Walton’s Mountain than Bentonville. They suggest the end of the family farm, though supporters of repeal can’t find a single example of a family that had to sell the old home place to pay estate taxes. (Maybe that’s because less than one percent of estates are even eligible for the tax).
All this GOP concern for the indescribably rich comes at a time when 37 million American live below the poverty line.
Admittedly, there are some moderate Republicans who are concerned about the rising deficit. Which helps explain why the House GOP has failed twice in recent weeks to pass a $2.7 trillion budget resolution. Perhaps they can hear the “national debt clock” that’s ticking away on 44th street in New York City. Reporters visit it regularly. Tick, 20,000 dollars, tock, another 20 grand. The problem is, with the national debt nearing 9 trillion and counting– the clock is running out of digits. When the debt breaks 10 trillion, the clock will be obsolete.
Sen. Frist and the family Walton now have a goal within their sights: eliminate the estate tax and break the clock as well as the bank. Say goodnight, Bill. Say goodnight, John boy.
The “born on third base” crowd has a champion in Senate Majority Leader Bill Frist. While the vast majority of his Tennessee constituents are more worried about paying 3 bucks for gasoline, Frist keeps his eye on the prize: those who can best fund his ’08 Presidential campaign. He warmed the hearts of the estate lobbyists when he said with a passion working families never hear: “Now is our time. Here is our moment. Let’s end the death tax forever!”
What will it cost the government to eliminate the estate tax? Don’t ask. Republicans never do. Pennsylvania Sen. Rick Santorum declares airily: “Of course Democrats believe that cutting taxes is a huge mistake. That’s why they’re in the minority.”
Let’s face it: “tax and spend” Democrats are looking pretty good compared to “cut taxes and spend” Republicans. One balances the budget and leaves a surplus. The other rewards the super-wealthy and bankrupts our grandkids.
If you read the ads promoting estate tax repeal, they feature sorrowful scenes more reminiscent of Walton’s Mountain than Bentonville. They suggest the end of the family farm, though supporters of repeal can’t find a single example of a family that had to sell the old home place to pay estate taxes. (Maybe that’s because less than one percent of estates are even eligible for the tax).
All this GOP concern for the indescribably rich comes at a time when 37 million American live below the poverty line.
Admittedly, there are some moderate Republicans who are concerned about the rising deficit. Which helps explain why the House GOP has failed twice in recent weeks to pass a $2.7 trillion budget resolution. Perhaps they can hear the “national debt clock” that’s ticking away on 44th street in New York City. Reporters visit it regularly. Tick, 20,000 dollars, tock, another 20 grand. The problem is, with the national debt nearing 9 trillion and counting– the clock is running out of digits. When the debt breaks 10 trillion, the clock will be obsolete.
Sen. Frist and the family Walton now have a goal within their sights: eliminate the estate tax and break the clock as well as the bank. Say goodnight, Bill. Say goodnight, John boy.
posted by Victor Kamber | 9:26 AM
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