Crooks and Liars has a somewhat rambling post about how the recent Tax bill. A few highlights.....
On Inheritance tax.
- There are very few farms or small businesses that are affected by it.
- It saves the Walton family of Walmart fame billions.
- It saves other super rich families billions.
- It does nothing for the vast majority of Americans.
- Obama and the democrats wanted to let the tax cuts expire, raising the top rate 3% for those making over 250,000 but the republicans fought it and won. The republican argument is that higher rates would hurt small businesses and the economic recovery and that the 250,000 amount was too low.
- Though 250,000 may sound like a "low" number to rich folk. If the rates were to increase 3% the first 250,000 of income would still be taxed at the old rate only amounts over 250,000 would see an increase. An income of 350,000 in a year would pay an additional 3,000$... BFD...
- Median household income in the US in 2008 was $52,029. 50% of all households make less than that. [link]
- These tax cuts have been in effect for several years now and it doesn't look like they've help the economy all that much. Maybe we should re-evaluate the "cut taxes for the rich to stimulate the economy" strategy.
- There really aren't many "small businesses" that have income's over $250,000
- The top Income tax rates are lower than they've been in 75 years.
The super rich need to pay more.