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Politics : Libertarian Discussion Forum

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To: Mama Bear who wrote (4812)	5/24/2001 5:47:25 PM
From: Don Lloyd	Read Replies (2) of 13056

Barb - vny.com vny.com "...The bill claims to repeal the "death tax" but is far from doing so. The top rate of estate tax is brought down from 55 percent to 50 percent immediately, but then only to 45 percent in 2010, after which repeal of the estate tax takes place in 2011, before the tax is fully restored again in September 2011 by the Byrd rule -- thus there is no full tax year for which the tax is repealed! ..." "... Even more bizarrely, because of the Byrd budget rule, enacted in 1990 as part of a doomed effort at fiscal control, the entire provisions of the tax cut cease to apply as of the close of Sept. 30, 2011 -- this is to prevent any costs being carried over into fiscal 2012, after the 10-year time horizon of current budget resolutions, but of course has the effect that even if the tax cut is enacted in full, a tax-raising Congress in 2011 could simply let it lapse, without the odium of a formal tax increase...." Regards, Don

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