Three guesses who’d save from repealing the estate tax

But you’ll only need one:

Pointing to data indicating that 99 percent of the estate tax is paid by the highest-earning 5 percent of Americans, a report released by the Democrats indicates that CEO’s of major oil companies stood to gain significantly from a repeal. Democrats’ estimates put oil company gains at at least a “$200 million windfall.” The family of one oil executive, Lee Raymond (the former ExxonMobil CEO, pictured above left), alone stood to receive a tax break worth over $160 million.

Democrats have also once again issued a 2005 Government Reform Committee report indicating that repealing the estate tax repeal would save the President, Vice President, and 11 cabinet members anywhere from $91 – 344 million.

The estimated cost of the repeal, according to Democrats, is $1 trillion for the years 2011-2021.

And the rich get mind bogglingly, stupefyingly, fantastically richer.

Technorati Tags: , , ,

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: