Comments on: U.S. Senate goes two ways on estate taxes http://blogs.reuters.com/talesfromthetrail/2009/04/02/us-senate-goes-two-ways-on-estate-taxes/ Tracking U.S. politics Sun, 19 May 2013 13:35:57 +0000 hourly 1 http://wordpress.org/?v=3.4.2 By: jvill http://blogs.reuters.com/talesfromthetrail/2009/04/02/us-senate-goes-two-ways-on-estate-taxes/comment-page-1/#comment-390789 jvill Thu, 09 Apr 2009 22:10:07 +0000 http://blogs.reuters.com/frontrow/?p=16865#comment-390789 The Estate Tax -- signed into law by Republican Teddy Roosevelt -- now applies only to the highest .2% of income earners. As the recent and widespread shenanigans on Wall Street has shown, it really is about time someone looked after the well-being of the top .2% earners. As a Wall Street friend of mine said, "I don't care if I loose my job, I've made so much money I don't need to work for at least five years." Who will look after this man?! And Mitch McConnell could use an economics refresher: The top .2% earners in this country make a significant amount of their earnings in capital gains (e.g. hedge fund managers) who pay a 15% tax rate on the vast amount of their earnings, and not the top-end 36% the rest of us pay. These people make massive amounts of wealth in a system taxpayers maintain. How is this fair? The Estate Tax — signed into law by Republican Teddy Roosevelt — now applies only to the highest .2% of income earners.

As the recent and widespread shenanigans on Wall Street has shown, it really is about time someone looked after the well-being of the top .2% earners. As a Wall Street friend of mine said, “I don’t care if I loose my job, I’ve made so much money I don’t need to work for at least five years.” Who will look after this man?!

And Mitch McConnell could use an economics refresher: The top .2% earners in this country make a significant amount of their earnings in capital gains (e.g. hedge fund managers) who pay a 15% tax rate on the vast amount of their earnings, and not the top-end 36% the rest of us pay.

These people make massive amounts of wealth in a system taxpayers maintain. How is this fair?

]]> By: Anubis http://blogs.reuters.com/talesfromthetrail/2009/04/02/us-senate-goes-two-ways-on-estate-taxes/comment-page-1/#comment-390684 Anubis Sun, 05 Apr 2009 19:08:50 +0000 http://blogs.reuters.com/frontrow/?p=16865#comment-390684 Most people have built up wealth through realestate, 401Ks and small business. I don't know if any one is paying attention, but retirement accounts have been wiped out. Small business' are failing and realestate has plummeted. I think this has had something to do with the current economic collapse. However, I'm sure Rahm Emmanuel, Tim Gietner, Lawrence Summers and other present and former administration officials are glad someone in Congress is looking out for them. Most people have built up wealth through realestate, 401Ks and small business. I don’t know if any one is paying attention, but retirement accounts have been wiped out. Small business’ are failing and realestate has plummeted. I think this has had something to do with the current economic collapse. However, I’m sure Rahm Emmanuel, Tim Gietner, Lawrence Summers and other present and former administration officials are glad someone in Congress is looking out for them.

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