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Commentary :: DNC : Media : Politics : Social Welfare
WALL STREET JOURNAL NEWSPAPER SETS AMERICA STRAIGHT ON BILL GATESS & WARREN BUFFETTS TAX~FREE FORTUNES...
08 Dec 2010
BILL GATES KNOWS ONLY OUR AMERICAN BILLIONAIRES & THEIR FAMILIES FEEL THEY CAN TAKE THEIR VAST FORTUNES WITH THEM AFTER THEY DIE ...
U.S. BILLIONAIRES NEED 2 STOP HARMING YOUR OWN poorer Americans WITH THESE TAX~FREE SLU$H FOUNDATIONAL $$ THAT ARE BEING GIVEN TO INTERNATIONAL POOR PRIOR OUR OWN CITIZENS DIRE NEEDS ...

WALL STREET JOURNAL NEWSPAPER HAS THE CORRECT HANDLE ON OUR ELITE U.S. BILLIONAIRE FAMILY TAX~FREE SLU$H FUND FOUNDATIONS BILL GATES....

LAWYERS FOR POOR AMERICANS CONCURS WITH THE WALL STREET JOURNAL NEWSPAPER STATING THAT BILL GATES, WARREN BUFFETT & OTHER ELITE BILLIONAIRE U.S. FAMILIES ALL CAN EASILY ESCAPE THEIR U.S. TAX BURDEN WITH THESE SLU$H FUND FOUNDATIONS...

ASKING OTHER AMERICAN BILLIONAIRES TO GIVE AWAY THEIR MONIES PRIOR OR AFTER ONES DEMISE STILL DOES NOT GET AMERICAN TAX COFFERS THE NEEDED U.S. TAX $$ TO OFFER EVERYONE IN AMERICA PROPER HEALTH~CARE, LEGAL CARE..ETC..

LAWYERS FOR POOR AMERICANS HAS ALWAYS HAD THE NOTION THAT OUR U.S. TAX~FREE FAMILY SLU$H FOUNDATIONS SHOULD NOT BE ALLOWED TO CONTINUE REPLICATING OUR GENEROUS AMERICAN GOVERNMENTS INTERNATIONAL CHARITY CONTRIBUTIONS !!!

IT IS A CONTINUED REPORTED FACT THAT AMERICAN INTERNATIONAL CHARITY TAX DOLLARS ARE NUMBER 1 IN THE WORLD.

IT IS ABOUT TIME WE BEGIN TO ONCE AGAIN TAX OUR WEALTHY ELITE PROPERLY AND EITHER TAKE AWAY THEIR TAX~FREE FOUNDATIONAL SLU$H FUND OPPORTUNITIES OR FORCE THOSE LOST TAX $$ TO BE EXCLUSIVELY SPENT ON POORER AMERICAN NEEDS.

THIS OUT~DATED AND HARMFUL MENTALITY OF CLAIMING THAT THERE ARE OTHER MORE WORTHY POOR IN THE WORLD THEN OUR OWN AMERICAN POOR has to end...

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Wall Street Journal

The Walking Death Tax

Without Congressional action, it returns with a 55% rate vengeance in 26 days.

Overlooked in the brawl over expiring Bush-era tax rates is what will happen to the death tax. Without action in the lame duck Congress, the estate tax will rise from the dead on January 1 with a vengeance, the rate climbing back to 55% from zero this year. The exemption amount will revert to a miserly $1 million, unindexed for inflation, so more middle class taxpayers will get hit year after year.

President Obama and Congressional Democrats don't think this is a high priority, but voters do. A November Gallup Poll found that Americans think that keeping the estate tax "from increasingly significantly" is "very important" by 56% to 17% "not too important." That's more than think it is a priority to extend current tax rates (50%), extend jobless benefits (48%), ratify the Start treaty (40%) or let openly gay men and women serve in the military (32%).

Liberals are content to let the rate revert to 55%, with some moderate Democrats arguing for a 45% rate. Republican Jon Kyl of Arizona and Democrat Blanche Lincoln of Arkansas are pushing a compromise that would lower the top rate to 35% with a $5 million deduction. That rate is still 35 percentage points too high for our liking, but we'll take it as an alternative to the greedy political confiscation of more than half of the wealth built by someone who has saved over a lifetime. An estate of $5 million isn't all that much for a successful and thrifty business person with some real estate to accumulate over 50 or 60 years.

Senior Economics Writer Stephen Moore says congressional Republicans may drive a harder bargain on behalf of taxpayers. Also, Global View Columnist Bret Stephens explains why Iran's foreign minister doesn't want to talk to the US Secretary of State.

Mr. Obama, who professes to care about small businesses and jobs, should pay attention to new estimates by the Joint Committee on Taxation. The committee finds that reverting to the 55% rate with a $1 million exemption will tax roughly 10 times more small businesses and farms than would Mr. Kyl's proposal. A recent study by Doug Holtz-Eakin, the former director of the Congressional Budget Office, finds that the estate tax reduces savings and capital formation and forces family businesses to liquidate at the time of an owner's death, which puts hundreds of thousands of jobs in peril.

As for the deficit, Congress could give relief to families and enhance revenue collections by lowering the gift tax rate to 10% or 15% from 35% on any gifts above $13,000 a year. This would allow parents to pass along more money to their kids and grandkids while they are still alive, increasing federal tax collections in the next few years by billions of dollars.

The Gallup results confirm that voters intuitively understand this tax isn't really about socking Bill Gates or Warren Buffett. Those two billionaires, like most others, have made sure they'll escape the grim tax reaper by parking most of their wealth into tax-exempt foundations. That may explain why the estate tax is so fiscally inconsequential, raising barely 1% of all federal revenue (0.6% in 2009).

At least 10 Senate Democrats have campaigned at one time or another for death tax repeal or relief. The next few days will determine whether they were telling the truth. The result will tell us if Congress is turning to a tax agenda rooted in growth and fairness, or sticking with the policy of government greed and envy that has defined the last four years.

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LAWYERS FOR POOR AMERICANS IS A INDEPENDENT VOLUNTEER WWW LOBBY THAT SINGS OUT FOR OUR AMERICAN MIDDLE~CLASS & POORER AMERICANS LIVING IN OUR WEALTHY ELITE'S COUNTRY.

* WE CAN BE FOUND WITH ANY WEB SEARCH ENGINE BY OUR NAME, TELEPHONE NUMBER OR E MAIL ADDRESS.

** GOOGLE, YAHOO, AOL, MSN, BING..ETC.. ALL CARRY OUR PREVIOUS WRITTEN COMMENTARY WITH VARIOUS DIFFERENT LISTINGS.

*** WE ENJOY BRINGING ALL our fellow little Americans THE GOOD LIFE ON THE INTERNATIONAL WORLD OF THE WEB.

lawyersforpooreramericans (at) gmail.com
lawyersforpooramericans (at) yahoo.com
424-247-2013

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