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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Fred Levine who wrote (42503)	2/22/2001 1:43:49 PM
From: LemurHouse	Read Replies (1) \| Respond to of 70976

OT re <<A front page story in the NY Times...re estate tax...>> Perhaps you should read the WSJ editorial page for another view, which indeed might be more relevant to those of us who have worked to accumulate assets, but who's net worth is rather less than that of Soros, Gates, and Buffets.

To: Fred Levine who wrote (42503)	2/22/2001 2:12:09 PM
From: willcousa	Read Replies (1) \| Respond to of 70976

Gates Sr, Soros Buffet and you are wrong. Rest assured that they have already taken care of their own. I don't see that any of their points, and especially that on charities, hold any water. Massive tax cuts, when utilized, improved the economy and especially the lot of the poor. When will you learn that the poor benefit far more from a strong economy than from government programs. Of course, you wouldn't want to admit that.

To: Fred Levine who wrote (42503)	2/22/2001 2:44:36 PM
From: daryll40	Read Replies (2) \| Respond to of 70976

I have thought long and hard about the estate tax thing and already was involved in a family estate that paid that damn tax on an estate of a couple who saved their whole lives and lived frugally. That being said, the estate argument is the same as the antitrust law arguement. Up until now I've never met a tax cut I did not like and my friends swear that Rush Limbaugh calls ME for advice. But, surprisingly to many, I think that our system DOES NEED checks and balances so that the concentration of wealth does not become too tight. So I support retaining a modified estate tax...say on estates over $2M per person with an inflation kicker so that this exemption automaticaly rises with the CPI. If they retain it, then the step-up in basis should also be retained. Buffett and Soros et all are right. The income tax cuts should happen, however, as quickly and as much as possible.

To: Fred Levine who wrote (42503)	2/22/2001 3:01:54 PM
From: michael97123	Read Replies (1) \| Respond to of 70976

Fred, I am a tax reformer to the extent that I believe in the postcard solution in some sort of flat tax solution. But, i too, am appalled at the repeal of the inheritance tax. I am encouraged by those billionaires quoted. Getting rates down at the margins is the most important part of the reform for the long term health of the economy. I would also allow fica taxes(not medicare because there is no cap) to be one of the few remaining deductions allowed. At close to $5000/year(actually 10K) deducting fica could go along way to helping lower income folks and make lower rates at the highest levels more palatable to the majority of americans. Mike

To: Fred Levine who wrote (42503)	2/22/2001 4:21:09 PM
From: Proud_Infidel	Read Replies (1) \| Respond to of 70976

If Buffet, Soros, Gates et al. want to keep paying their share of the inheritance taxes, that is fine. However, they unfortunately do not speak of the small businss owner or the farmer who may have to have his business sold to pay the nefarious death taxes. Personally, I believe there should be no death tax until a number like 10 Million or so is breached. This would preclude the necessity of selling off assets for many small farm and business owners to pay the tax. But I for one, do not believe the group(Buffet et al) thought this through well enough since most of the people who suffer from this tax do not have Billions or even tens of millions. They are simply people who worked hard their whole lives only to be told they must be double taxed at death, as if death were a taxable event! Brian