By Owen Paine on Friday July 23, 2010 12:44 AM
Recently Ferdinand Trumka, the bull of the union pampas, thundered over to a microphone and bellowed: "It’s time to restore the estate tax and restore it now"
I'll second that, brother T!
Here are some rather limp suggested restoratives (as retailed by the blog squad at Aflack HQ):
"...the estate tax should be restored at its 2009 levels or stronger. In 2009, the estate tax exempted the first $3.5 million and applied a 45 percent rate thereafter. Trumka said the AFL-CIO has endorsed two current bills. The first, from Rep. Jim McDermott (D-Wash.), includes a $2 million exemption and rates of 45 percent to 55 percent. That would raise about $31 billion more over 10 years than the 2009 levels.A mouse of a revenge tax, given 50 years of wicked burden shift. But like Mrs O'Leary's cow and the lantern -- maybe it's a start.Legislation from Sen. Bernie Sanders (I-Vt.) and Harkin has a $3.5 million exemption and rates of 45 percent to 65 percent and would produce about $62 billion more over the next 10 years than the 2009 levels."
Comments (10)
Looks like more DP vote-delivery to me.
Who could ask for a better moment for a surprise move from labor?
As usual, not even conceived or conceivable.
Posted by Michael Dawson | July 23, 2010 5:13 PM
Posted on July 23, 2010 17:13
Does make you wonder who's side unions are on.
What about a derivatives tax? Or a carbon tax? As well as inheritance tax.
Posted by Peter Ward | July 23, 2010 5:28 PM
Posted on July 23, 2010 17:28
Don't tax you.
Don't tax me.
Tax that feller behind that tree.
Posted by CF Oxtrot | July 23, 2010 6:37 PM
Posted on July 23, 2010 18:37
note the trade off
if you the exemption the 09 3.5 mill
up from the 2 million proposal of McDermott
but add a third tier at 65 %
you collect 30 billion more over ten years
lets add more tiers eh fans and shorten the steps get to each higher tier faster
maybe we can squeeze out 100 billion that way or 150 billion
at any rate we need a year in year out tax on wealth
which as pointed to here b4
only requires a few simple modifications to the personal income tax
hey let's claim we'll abolish the corporate income tax and slap on
a value added tax
if the tower trolls will
just give us this modified wealth reaching income tax
Posted by op | July 23, 2010 6:46 PM
Posted on July 23, 2010 18:46
oxy
the tax falls where it may
check this out :
http://economix.blogs.nytimes.com/2010/07/23/who-ultimately-pays-the-corporate-income-tax/
the burden of a tax
what gets sucked dry
can't be judged
simply by where the syphon is placed
the network is to intricately interconnected
and peppered with odd valves and pumps
Posted by op | July 23, 2010 6:50 PM
Posted on July 23, 2010 18:50
op,
Yeah, I get that. My time in the insurance world taught me about how businesses can use very creative accounting for a number of reasons, and how various costs can be passed along. I was just making a joke from the summer of 1986, which I spent at a DC tax law firm, covering tax reforms under consideration by The Congress. I don't remember which Congresscritter coined that phrase I offered in my prior comment, but I remember another Congresscritter uttering it while attributing it to its originator, during those floor discussions in the summer of 86.
Posted by CF Oxtrot | July 24, 2010 11:18 AM
Posted on July 24, 2010 11:18
PS to op --
And I just read that linked article, which extends the view to other types of financial chicanery, thanks.
Posted by CF Oxtrot | July 24, 2010 11:44 AM
Posted on July 24, 2010 11:44
Owen, I see my favorite humanitarian economist, Greg Mankiw, featured in that article. Bless his heart, he's seen the harm to labor that comes from taxing corporations. He's against it, of course, based on his love for the working class. I expect he'll soon be out there with the Wobblies, fighting the good fight against trans national vampires.
I used to consider him a cold fish of a fellow; a technocratic comprador to the marrow. It's humbling to see how wrong I was.
Posted by Al Schumann | July 26, 2010 7:43 AM
Posted on July 26, 2010 07:43
greg is quite the fierce oppressed class eagle
now isn't he
btw i hear he's even thinking of a pure market driven
theory of wage labor exploitation
based entirely on adverse elastcities
Posted by op | July 26, 2010 10:36 AM
Posted on July 26, 2010 10:36
Adverse elasticities equals hanging people with bungee cords?
Posted by Al Schumann | July 26, 2010 4:29 PM
Posted on July 26, 2010 16:29