Thanks to obstructionist Republicans in Congress and their perpetual campaign to kill the estate tax, the United States Treasury stands to lose billions in revenue in 2010. And as the New York Times reported this week, a large chunk of it won't be coming from a single family. The heirs of Texas pipeline billionaire Dan L. Duncan "may become the first American billionaire allowed to pass his fortune to his children and grandchildren tax-free" and so become among the first beneficiaries of the GOP's new slogan for the wealthy, "die here, die now, pay less!"
The Times described how the supposed deficit-hawks Republican Party conspired to unleash a flow of red ink that could cost the federal government billions this year alone:
Had his life ended three months earlier, Mr. Duncan's riches - Forbes magazine estimated his worth at $9 billion, ranking him as the 74th wealthiest in the world - would have been subject to a federal tax of at least 45 percent. If he had lived past Jan. 1, 2011, the rate would be even higher - 55 percent.
rest at http://crooksandliars.com/jon-perr/billionaire-heirs-reap-estate-tax-windfall
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