by j. wright
Today for my first time I saw the current federal tax rates referred to as the “Bush Tax Rates, not the “Bush Tax Cuts.“ Strange why the main stream media and the liberal Democrats continually refer to them as “Tax Cuts.” Neither of them chose for years to call the marginal rates increased by President Clinton, as a result of VP Al Gore’s tie breaking vote, as the “Clinton Tax Hikes.” Not exactly “fair and balanced” in my opinion, just another example of D.C. double-speak..
We have proposed legislation in the pipelines now to re-institute the Estate Tax and at a high rate. My estate wouldn’t qualify, I’m far too poor… but for those that do it amounts to this; an individual works lifelong and accumulates moderate wealth, all on the leftover dollars that the feds, state and local governments did not collect. If an Estate Tax, or "Death Tax" is implemented, the feds will line up following that individual’s death with outstretched hands demanding a large portion of what ever the individual chose to bequeath to his heirs. In many cases in the past, the heris are forced to sell the property or business in order to pay the taxes.
The Estate tax opponents shout, “Double taxation! The individual paid taxes on his income when alive. His bequest is what was left over...”
The proponents scream, “The individual isn’t paying anything; he’s dead.” Pretty lame, but that's how our liberal friends choose to think.
Then there was the silly argument that if the ”Rich” are allowed to keep the current marginal rates it will increase the federal deficit. Now Obama's White House is calling an extension of all the rates a "Stimulus." Good grief, that's a 180-degree turn-around. To me, both expressions are a clever but stupid play on words. Unfortunately a lot of good folks, even some politicians, are buying into the clap-trap.
As far as increasing the federal deficit, for what it's worth, the deficit can only increase when the government spends more than it takes in during a given fiscal period. It’s exactly like overdrawing your personal checking account; writing checks without sufficient funds but only the spend-happy D.C. politicians can get away with it. Keeping more of your own after tax income does not add to any deficit.