Estate tax measure passes House
The U.S. House passed on Thursday the Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act. Opponents called it one of the most misnamed bills to ever clear the chamber, noting that it does the opposite of relieving tax burdens on small businesses and farmers.
The matter passed 225 to 200. It heads now to the Senate.
Speaking on the House floor, Northwest Missouri Congressman Sam Graves said the legislative body continues to bail out Wall Street while ignoring the hardships of small companies and the families that run them.
"Today we have yet another bill on the floor that ignores the little guy," the Republican lawmaker said. "The bill does not take into account capital intensive small firms, whose expensive equipment will cause them to be subject to this onerous tax.
"If Congress was serious about helping small businesses in this economic downturn, we would be debating a bill on the floor that repeals the death tax."
House Majority Leader Steny Hoyer, the Maryland Democrat, said the bill strikes a fair balance.
"This bill simply continues present law at current rates and exemptions," he said of the measure. "The estate tax also sets a limit on the concentration of inherited wealth from generation to generation which, at a time when this country's middle class is truly struggling, would make inequality even starker and more damaging to our country's social fabric."
Congresswoman Lynn Jenkins, the Republican who represents Northeast Kansas, voted no on the measure.
Adam Nicholson of a group called Estate Tax Truth said the close vote (26 Democrats broke ranks with the majority party) indicates a broader resentment of the estate tax.
"The death tax isn't about the poor and middle class versus the super rich, it's about family farms and businesses versus corporate welfare for big insurance; it's about Main Street versus Wall Street," he said.



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wwilder77 says...
tax???
damn!!!
December 4, 2009 at 1:33 p.m. ( permalink | suggest removal )
heritage_sarahhochschwender says...
'House Majority Leader Steny Hoyer, the Maryland Democrat, said the bill strikes a fair balance.
"This bill simply continues present law at current rates and exemptions," he said of the measure. "The estate tax also sets a limit on the concentration of inherited wealth from generation to generation which, at a time when this country's middle class is truly struggling, would make inequality even starker and more damaging to our country's social fabric."
more federal government using all their might to redistribute wealth. socialism, anyone?
December 4, 2009 at 1:52 p.m. ( permalink | suggest removal )
terrebatu says...
Sarah-Socialism? Are you freakin kidding? Where was your outrage when the wealth of this country was being handed over to the wealthiest 1% of our population? Where was your outrage then? How about all the tax breaks and giveaways thrown to the corporations funded my average joe taxpayer? Wheres your outrage about that? I guess as long as the wealth is flowing upstream it's ok?
December 4, 2009 at 5:05 p.m. ( permalink | suggest removal )
heritage_sarahhochschwender says...
there is nothing righteous about double taxation, regardless of your level of economic achievement, terrabatu. famiy business, people who have high life insurance levels, should not be dunned to "correct " social inequities.
i object to taxation based solely upon economic means. there is absolutely NO excuse for redistribution of wealth simply because you died. its not like this is an avoidable circumstance..........
December 4, 2009 at 10:24 p.m. ( permalink | suggest removal )