Stop playin'

Ooh, this is rich - the estate tax repeal might just be an overall tax hike in disguise:

Supporters of the repeal railed against what they called the "death tax." Opponents said it would benefit the very wealthy, and pointed to arguments made by Bill Gates and others that repeal would cause charitable contributions to drop. But, as is often the case with Congress, the truth differs from the story line. The law wouldn't repeal the estate tax but would replace it with a capital gains tax - one that's difficult to calculate and would mean a tax increase in certain cases. As Ronald Reagan used to say: There they go again! Here's how it would work. Starting in 2010 estates would no longer be taxed. But people who inherit wealth would have to pay capital gains taxes, currently set at 15%, on the difference between what was originally paid for an estate's assets and what they are worth at the time. That means people would have to figure out what their benefactors paid for something years, or decades, before.

I don't even know what to think of the Republicans anymore. But thank God they got elected and not the Democrats!

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Written on Friday, April 15, 2005