Transgenerational Financial Terrorism

[astonamous]

Interesting read all things considered...

Source: http://www.alternet.org/story/16573?page=1

By Jeff Gates, AlterNet. Posted August 10, 2003.

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We Get The Mortgage, They Got The House

From 1992 to 2000, the income of the top 400 taxpayers grew at 15 times the rate of the bottom 90 percent. By 2000, America's deficit-subsidized few were pocketing an average annual income of $174 million ($87,000 per hour), nearly quadruple their $46.8 million average in 1992. At every turn, both parties piled on more debt to build more wealth and more income for ever fewer Americans, particularly those who contribute to their political campaigns (only 0.25 percent of us give more than $200 in an election cycle).

The Bush II tax cuts enacted in 2001 came with a 10-year fiscal tab of $1,350,000,000,000 ($1.35 trillion). Since, then, additional tax cuts and spending commitments guarantee that deficits will never fall below $325 billion as far as the eye can see ($456 billion in 2003), and will top $500 billion by 2013. Interest payments on the debt amassed by then could cost us $350 billion per year. Let's call this what it is: transgenerational financial terrorism.

Now that the private fortunes of the few are far larger -- at public expense -- repeal of the estate tax will reduce tax revenues by another $820 billion from 2014 through 2023, a fiscal disaster endorsed in June 2002 and again in June 2003 by a majority vote in the House.

Though hate-radio hosts assure their listeners that the dreaded "death tax" devastates small business owners and family farmers, that's another big lie conveyed by a bought-up and shut-down media. As they know but dare not tell, a quarter of 1999's estate tax receipts were paid by just 467 estates worth more than $20 million each.

Fully half the benefits of repeal will flow to the topmost one-hundredth of one percent while ensuring a dramatic drop in charitable bequests that support hospitals, clinics, colleges, research and such. Deftly combining fiscal lunacy with political larceny, this latest neoliberal gambit would create a fiscally induced financial aristocracy just when Baby Boomer demographics ensure that the nation's fiscal needs will be at their greatest.

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[Waiting For Everyman]

1. Changing the law could fix that a whole lot. It's a no-brainer.

Even gains already gotten could be recovered with some creativity. And should be.

This is the big issue, that feeds all the others.