"The Birth Tax is the interest paid on an enormous debt that republicans will create when they decide not to collect the estate tax anymore. According to the Center on Budget and Policy Priorities, the cost to the rest of us taxpayers for the elimination of the estate tax will be $294 billion over the next 10 years or so. At around 5% servicing costs per year, that means that after 10 years of borrowing money to offset the estate tax cut, those Americans who still pay taxes will see a permanent $14.7 billion annual increase in their tax bill. Of course, that bill will increase the next year. And the year after that. The Birth Tax will continue to grow as long as the government borrows money every year to offset the elimination of the estate tax."
1 comment:
ha ha That's true. It all reminds me of Leona Helmsley's statement, "only little people pay taxes." This is the kind of stuff that made the French start loppin' off nobles' heads on the Guillotine.
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