Thursday, October 30, 2008

unfair tax laws

Repealing the estate tax is unfair to middle-income taxpayers. Eliminating the estate tax gives a tremendous tax break to the heirs of the very wealthy Americans. None of us should be naïve enough to think that another tax won’t be passed to replace the missing revenue nor should we doubt that the weight of that new tax will fall, as usual, on the middle class. In 2009, any estate worth less than $3.5 million will be passed on to heirs and heiresses estate-tax free. How is that fair to the other classes? Congress should pass a tax law that is the same for EVERYONE not higher for one class and lower for another. In 2001, the Bush Administration and some of the richest families in America pushed to enact a law that has lowered the tax and will eliminate it entirely in 2010. However, to get around Senate rules, the entire law sunsets in 2011 when the tax will theoretically return to 2001 levels. As a result, Congress will have to pass a new estate tax law, most likely next year. A new estate tax law will have to be passed in 2009. A solution would be to write to ensure tax fairness—not to extend unfair tax cuts for the rich. Barack Obama proposes freezing the estate tax at 2009 levels: a 45 percent tax rate on estates valued at more than $3.5 million. Not that i'm in the higher class rank, but I think taxes should be fair to everyone because you can't help how much money you make, some people get lucky, but that doesn't mean just because they have more money their taxes should be higher. I believe in fairness for all.

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