Just-Released IRS Data Show Effects of Our Radical New Greed-Is-Good Culture
As the House considers a bill to extend the Bush tax cuts for the top 2%, slash corporate taxes and potentially make the Estate Tax more generous to billionaires than ever before, it’s instructive to put the move into a larger cultural/historical context. And thanks to newly released IRS documents, we can do just that.
Estate tax could be more generous to wealthy under Obama-GOP deal
By Zachary A. Goldfarb
Washington Post Staff Writer
Friday, December 10, 2010; 10:05 PM
One part of the tax deal between President Obama and congressional Republicans stands out because it would make the tax code even more generous to the wealthy than it was during the Bush era: the estate tax.
What the tax extension means for you
President Obama campaigned on a promise to repeal the George W. Bush-era tax cuts that benefit the wealthiest 2 percent of U.S. households. But with Republicans insistent on preserving all of the cuts, the president decided that abandoning that position was the price of preventing a political stalemate that would have caused taxes to rise for all Americans. If Congress approves the compromise deal Obama reached with GOP leaders, most Americans will pay lower taxes next year than they would have if all Bush tax cuts were extended.