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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Terry Maloney who wrote (169232)	5/31/2002 9:08:44 AM
From: Giordano Bruno	Read Replies (2) \| Respond to of 436258

Terry, they were born on the wrong side of the tracks. -g- But is Mr. O'Neill really blind and deaf to Africa's needs? Probably not. He is caught between a rock star and a hard place: he wants to show concern about global poverty, but Washington has other priorities. A striking demonstration of those priorities is the contrast between the Bush administration's curt dismissal of the W.H.O. proposal and the bipartisan drive to make permanent the recent repeal of the estate tax. What's notable about that drive is that opponents of the estate tax didn't even try to make a trickle-down argument, to assert that reducing taxes on wealthy heirs is good for all of us. Instead, they made an emotional appeal — they wanted us to feel the pain of those who pay the "death tax." And the sob stories worked; Congress brushed aside proposals to retain the tax, even proposals that would raise the exemption — the share of any estate that is free from tax — to $5 million. Let's do the math here. An estate tax with an exemption of $5 million would affect only a handful of very wealthy families: in 1999 only 3,300 estates had a taxable value of more than $5 million. The average value of those estates was $16 million. If the excess over $5 million were taxed at pre-2001 rates, the average taxed family would be left with $10 million — which doesn't sound like hardship to me — and the government would collect $20 billion in revenue each year. But no; the whole tax must go. So here are our priorities. Faced with a proposal that would save the lives of eight million people every year, many of them children, we balk at the cost. But when asked to give up revenue equal to twice that cost, in order to allow each of 3,300 lucky families to collect its full $16 million inheritance rather than a mere $10 million, we don't hesitate. Leave no heir behind!