More from the Senator from Walmart

Remember last week when we mentioned how the two senators from Arkansas were leaning against supporting EFCA? Well one of them has even gone further to do what her masters pay for: In midst of recession, Sens. Kyl and Lincoln think ‘the most pressing issue’ is ‘America’s wealthiest families.’
Sens. Jon Kyl (R-AZ) and Blanche Lincoln (D-AR) have offered a $250 billion proposal to cut estate taxes for the children of multi-millionaires.
The Obama budget already takes care of them, because it retains today’s law, which imposes the estate tax only on couples with property worth more than $7 million, or individuals with property worth more than $3.5 million. That means 99.8 percent of estates will never — ever — pay a penny of estate tax. The heirs of the remaining 0.2 percent of estates are who Ms. Lincoln and Mr. Kyl are so worried about. Their amendment would increase to $10 million the level at which the estate tax kicks in. It would also lower the top estate-tax rate to 35 percent from 45 percent. -NY Times
In case you haven't been following, the Waltons and 17 other filthy rich familes have been working for years to repeal the estate tax. Here's a summary of their activities from a few years ago. Report (PDF) Owning a politician done right can leave them on a long leash giving the appearance of independence, but it gets pulled taut when the real issues of concern come to the fore. How much does cost to have a pol give up all sense of shame and fairness? Apparently not much.

8 Responses to “More from the Senator from Walmart”

  1. UncleBob says:

    The people of Arkansas voted these senators in! Obviously they’re doing exactly what the people in Arkansas want – right?

  2. I live in AR and they are doing what I want.

  3. I’m sure that the $40 billion in estate taxes that the Waltons are working to avoid paying (eventually) will benefit you and your fellow citizens personally.

    I think you guys are suffering from the Stockholm Syndrome. My condolences.

  4. UncleBob says:

    Hey, this blog is the place that constantly says whatever politicians do must be right because the people voted them in. I’m just agreeing. 🙂

    “Don’t you just love democracy in action?

    We actually get to decide how we spend our tax dollars. Gawd, I love this country.”

  5. Lawnmowerman says:

    I don’t understand the need to bring successful families down by this type of taxation. Most people work to secure a future for their families. I believe that items like this are simply a cap on success, which is frustrating.

  6. Really Someone,

    You’re comments are disappointing to me. You used to at least explain your corporatist views to us here, but lately you’ve just been writing in soundbites as if to reaffirm to those higher-ups in Arkansas who read this blog that you’re still part of the team.

    Let’s see if you can do better, shall we? I realize I have no authority to assign you homework, but why don’t you give us an 800-word essay (about the length of a newspaper op-ed) entitled “Why I oppose the Employee Free Choice Act.” I haven’t checked with my colleagues here, but I’m fairly certain that if you send it to Jeff he would be willing to post it as a guest post. Then we can have a real discussion of the issues involved in the comments.

    Certainly you don’t object to real discussion, do you?

  7. Lawnmowerman:
    In general we don’t object to people earning what they can through their own efforts. But the Waltons inherited most of their wealth.

    What they have managed to do is make their pile bigger through a variety of unethical, illegal and mean-spirited actions. This is a far cry from a ball player pulling down a big salary because of his talents or a movie star doing the same because of her ability to attract paying fans.

    There is absolutely no evidence that allowing the super wealthy to keep more of their earnings than they do in other countries or that they did under prior tax policies has any effect on entrepreneurship. Those who create new enterprises from Bill Gates to the founders of Google are not thinking of marginal tax rates or inheritance taxes.

    It is only the heirs of the innovators that get concerned with such matters, and they weren’t the ones with the ideas. Its a lame argument no matter how many times it get made.

  8. UncleBob says:

    I’m still concerned about this idea that individuals who earn the money shouldn’t be allowed to determine how they want to use it – including distributing it after their passing.

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