PDA

View Full Version : Estate Tax Repeal To Give Oil Exec $160M, And BushCo $91 - $344M



Gold9472
05-30-2006, 03:15 PM
Dems say oil execs, Bush Admin set to gain from estate tax repeal

http://www.rawstory.com/news/2006/Dems_say_oil_execs_Bush_Admin_0530.html

Published: Tuesday May 30, 2006

Democrats have prepared for an upcoming Senate battle over repeal of the estate tax by releasing estimated savings the repeal could equal for oil executives and members of the Bush Administration, RAW STORY has learned.

The Senate is set to consider legislation (H.R. 8) to repeal the tax, which has been law since 1916, next week. At the time it was first repealed by President Bush, the tax applied only to estates worth more than $1 million. The current plan is to gradually phase the tax out, until it is permanently repealed in 2010. In April of last year, the House passed a bill removing the law's sunset provision, making the repeal permanent upon Senate approval.

Pointing to data indicating that 99 percent of the estate tax is paid by the highest-earning 5 percent of Americans, a report released by the Democrats indicates that CEO's of major oil companies stood to gain significantly from a repeal. Democrats' estimates put oil company gains at at least a "$200 million windfall." The family of one oil executive, Lee Raymond (the former ExxonMobil CEO, pictured above left), alone stood to receive a tax break worth over $160 million.

Democrats have also once again issued a 2005 Government Reform Committee report indicating that repealing the estate tax repeal would save the President, Vice President, and 11 cabinet members anywhere from $91 - 344 million.

The estimated cost of the repeal, according to Democrats, is $1 trillion for the years 2011-2021.

"A recent Center for Public Integrity report found that a handful of superrich families had spent $490 million lobbying against the tax," the American Prospect noted Tuesday. "If they succeed, these same families will gain almost $72 billion."

PhilosophyGenius
05-30-2006, 04:40 PM
They've got some balls doing this during the whole 'oil crisis'. But then again this ain't seeing this on tv.

jetsetlemming
05-30-2006, 05:42 PM
They're really repealing the death tax? Sweet! I don't give a fuck about the 99%, it's the bottom 1 from small business owners that get fucked. Most of the really rich don't pay that stupid tax anyway. They hide their assets. Remember that shit you posted about the Kennedy's, Gold?

AuGmENTor
05-30-2006, 05:56 PM
Maybe I'm wrong, but nearest I can tell, income taxes are completely illeagal, and I haven't paid them in about 12 years now. I have no intention of funding terrorism in that oblique way. So let them cut their own taxes all they want, no skin off my ass either way.

jetsetlemming
05-30-2006, 06:10 PM
Maybe I'm wrong, but nearest I can tell, income taxes are completely illeagal, and I haven't paid them in about 12 years now. I have no intention of funding terrorism in that oblique way. So let them cut their own taxes all they want, no skin off my ass either way.
Um, do you really want to be admitting that in public? You never know who can track down your screen name, and I seriously doubt this site is un-monitored.

AuGmENTor
05-30-2006, 06:16 PM
Bah, they KNOW I don't pay. I've been ignoring their threats for years, telling them to just send me a copy of the law that says I have to pay them, and I will... I really am a law abiding guy, but there is no law, and they know it as well as I do, and I guess I'm just too small fry for them too bother with locking me up. So fear not.

Uber Commandante
05-31-2006, 11:59 AM
Bah, they KNOW I don't pay. I've been ignoring their threats for years, telling them to just send me a copy of the law that says I have to pay them, and I will... I really am a law abiding guy, but there is no law, and they know it as well as I do, and I guess I'm just too small fry for them too bother with locking me up. So fear not.

AuGmENT is right - they are illegal - however, courts have continually ignored that fact and side with the governemnt whenever these things come to court. Other people have already gone to jail for the same things (on principle, I mean). There is a book about it - I think its called The Government Mafia, about one guys experiences.

Basically, the 5th amendment protects you from having to testify against yourself so you should NOT have to tell the government how much money you make, because that is testifying against yourself. Trickily enough, when you sign your tax return, you are actually giving up that right - read the fine print.

Here is the 5th Amendment:

Amendment V

No person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of a grand jury, except in cases arising in the land or naval forces, or in the militia, when in actual service in time of war or public danger; nor shall any person be subject for the same offense to be twice put in jeopardy of life or limb; nor shall be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.

My money is my private property - so where is my "just compensation"??


Also, if you look at Article 13 of the US Consitition:

Amendment XIII
Section 1. Neither slavery nor involuntary servitude, except as a punishment for crime whereof the party shall have been duly convicted, shall exist within the United States, or any place subject to their jurisdiction


If I am threatened with prison for not giving money to an organanization, then I am, literally, an involuntary servant of that organzation - in this case the US government.

Gold9472
05-31-2006, 12:25 PM
Interesting. I did not know that.

AuGmENTor
06-02-2006, 08:50 PM
See, that's what I LOVE about this stuff... I know NONE of that stuff. I read just enough of "the great income tax hoax" and Alex Jones interview with I think it was Banister to realize I was really takin it in the ass by the govt. I know that wont keep me from going to jail if they catch up with me. But then I see it as I will be fed, housed, get my teeth fixed, lift weights, convert to Islam, get a college degree, and my seven dependents will all go on welfare. So, they are costing themselves more by the time they convict me than they would have SAVED just letting me live out my 68.5 years quietly. Also, I don't have much hope for the economy lasting another ten years anyway. The bottom line is this: With the govt jackin me for 650$ dollars a week, I could not provide for myself or my family, (I live in an expensive area). When I keep that money I can. What other answer is there? I might just copy and paste that as my whole defense if they do catch up! lmao