18 super-rich families bankroll secret campaign

This seems to be a good example of a political conspiracy.

How much talk is there about the problem of inheritance tax? Anybody here personally suffer with it?

Well according to a recent article,

Groups funded by the super-rich have engaged in a deceptive campaign to convince the public that estate taxes cause widespread problems for small businesses and family farms when they actually affect about one in 370 estates, said the report released by Public Citizen and Boston-based United for a Fair Economy.

...families including those that founded Wal-Mart, Gallo wineries, Nordstrom's department stores, Wegman's grocery stores, the Mars candy company, Cox media chain and Campbell Soup Co. joined the Timkens in bankrolling an effort the groups' report called "one of the biggest con jobs in recent history."

You can read the original report in pdf format here.

Only households with multiple millions or billions in net worth pay an estate tax. In 2006, individuals receive a $2m exemption from the estate tax and couples receive a $4m exemption. As a result, it is estimated that less than one-thrid of one percent (0.27 percent) of all estates will pay the federal estate tax in 2006, about one out of every 370 estates. Based on census projections for 2006, 2.3m people will die in 2006 and only about 6.300 will have taxable estates.

From the report's executive summary:

The families... have helped finance... groups that have spent millions on fear-mongering ad campaigns intended to sway public opinion against the estate tax. These ads have shamelessly retailed myths that the estate tax is responsible for wrecking small businesses and family farms, and that regular Americans should fear a crushing tax bill when their loved ones die.

Is this a conspiracy? What do people here think?

Can we fidn the exact tax code in the IRS website or something? It would be ncie to see the actual stipulations, rates, and requirements for this tax code before we go any further.

This is the first link www.irs.gov...=98968,00.html you get when you type in 'estate tax'.

'The annual exclusion for gifts is raised to $12,000 beginning in 2006

The applicable exclusion amount is increased to $2,000,000 for estates and remains at $1,000,000 for gifts'

Taxes like this odviously only affect the wealthy, anybody swayed differently is a retard. The wealthy have been trying to get it repealed for a very long time. In fact if you have ever read or heard anything about the estate tax from the republican side of the aisle they will say they want to repeal the "Death Tax". Making it sound bad when it is generally a good thing for everybody, just like the clean air act which sounded great until you read the bill and realized it was the exact opposite.

[edit on 29-4-2006 by djpaec]

Originally posted by djpaec
Taxes like this odviously only affect the wealthy, anybody swayed differently is a retard.

• Income tax takes from an individuals earnings
  
• Sales tax imposes a tax on an individuals spending.
  
• Capital gains tax puts a tax on the increased value of an individuals assets.
  
• Property and personal property tax charges an individual for ownership of property.
  
• And inheritance tax charges an individual for giving away his/her assets to their heirs.

Our tax system sucks and it places an unfair burden on the poor and middle classes. We clearly need massive changes to the U.S. taxation system at all level, however imho only a fool believes we need put more money in the hands of government. What we need are a lot fewer taxes at all levels

Indeed, the government can't squeeze a penny out of a dollar. But then again, neither can people these days in America. Everything is so expensive, and bad habits abound.

What this country desperately needs is infrastructure, not more cash to waste on consumer crap.

Homes and hospitals mostly, but some urban farms would really improve our odds in the event of a food supply disruption.

It should start with the gas tax. Anyone from NC has probably seen the TV commercials for the campaign to stop the gas tax hike. But really its the federal govt who reaps the most profits from gas tax. They rake in more than the oil companies per gallon. Its ridiculous. While some gas tax is necessary for road work(as long as thats where the money is going, which is the problem in NC) it should be a lot lower. The most we should be paying for the gas per gallon with tax included is at most 2.50. A .50 cent reduction is a good start in my eyes and is very possible according to SC senator Jim Demint. What I'm trying to say is taxes needs to be cut in the areas that we deal in every day, the gas pump, the grocery store, and other everyday locations.