“Hey, I was just talking about how the Democrats are shafting fine young black Americans, such as Nicole Richie.”
“Then I can dig it.”
No, wait, Deroy’s piece goes a little something like this:
After their Independence Day recess, Republican senators will try again to declare America independent of the death tax. As Democrats ponder their position, they should consider how this levy hurts their most dependable supporters: black Americans.
Democrats should certainly consider this, since otherwise they could lose the support of Bill Cosby’s heirs.
“Employees of family businesses, many of whom are minorities, are at risk of losing their jobs because their employers are forced to pay the unfair and exorbitant death taxes levied on them,” CBC member Sanford Bishop (D.- Ga.) said in that day’s debate. “Funeral homes, weekly newspaper publishers, radio station owners, and local dry cleaners, all are affected all across the demographic spectrum…”
Well, the entire demographic spectrum that includes the wealthiest 2% of all Americans (per the IRS). But yeah, I guess it might include some really rich local dry cleaners and morticians.
Bishop, who co-sponsored The Death Tax Repeal Permanency Act of 2005, added: “Although reasonable minds may differ on this issue, I believe that the death tax is politically misguided, morally unjustifiable, and downright un-American.”
And although reasonable minds may differ on this issue, I believe that anybody who wants to repeal the estate tax is a misguided, selfish, unpatriotic bastard who hates America, and who should be investigated by the FBI for possible war crimes.
Currently at 46 percent and falling, the death tax will vanish in 2010. But without permanent repeal, it will boomerang to 55 percent in 2011. That will hammer prosperous families, black and otherwise.
Let’s all take a moment to shed a tear for those prosperous families, even the ones who aren’t black, who might be forced to part with an extra 9% of the millions they will inherit in 2011.
As Cato Institute tax analyst Chris Edwards ominously observes, “If you are in poor health in 2010 and you own substantial personal or business assets, your heirs might favor your prompt departure.”
And that’s why we must do away with the death tax – so your loving family doesn’t have you killed now for the tax break. (I think this is a very important issue, and I thank Deroy for bringing it to our attention.)
Liberals love to discuss social capital — in essence the idea that the silver spoons of “old-moneyed” whites repress minorities. The obvious answer is to help minorities acquire their own silver spoons, in part by letting successful non-whites bequeath their riches to their heirs.
Um, no, the obvious answer is to give each person an equal shot at acquiring his or her own wealth through his or her own efforts.
A 1997 Kennesaw State College study discovered that 90 percent of black business owners surveyed believe the death tax hindered their long-term growth prospects.
Maybe it’s just me, but I would imagine that death might be a bigger hindrance to their plans than estate taxes.
Writing in the June 14 edition of Alabama’s Anniston Star, Senator Jeff Sessions (R.-Ala.) recalled his day-earlier discussion with Robert Johnson, the well-heeled founder of Black Entertainment Television. Johnson, Sessions wrote, “explained how devastating the death tax was” to black entrepreneurs. “He explained how his company was strong and vigorous, but it was small compared to CBS, ABC, NBC and Fox. If something happened to Mr. Johnson, the death tax owed by his estate would be huge and his heirs would have to sell, most likely to ‘some big conglomerate,’” rather than another black owner.
But aren’t big conglomerates actually owned by shareholders, which could include middleclass black Americans? So, shouldn’t we rooting for these people over the heirs of the well-heeled Robert Johnson?
Before his ethical problems exploded, CBC member Rep. William Jefferson (D.-La.) delivered a floor speech on the death tax that supply-side economics guru Arthur Laffer could have written.
And before HIS ethical problems exploded, Congressman Randy “Duke” Cunningham wrote, “Death should not be a taxable event. ” So, we can see that corrupt politicians want to abolish estate taxes. Deroy makes another very valid point.
Senate Democrats claim to be among the best friends black Americans ever had. If so, they can help us overcome by helping Republicans kill the death tax, once and for all.
Because helping black Americans who inherit estates valued at over $2 million avoid paying taxes on their unearned wealth should be a goal for both political parties. And hey, the goverment would just use the money it took from those rich heirs to pay for Head Start, or free lunches for poor kids, or something stupid like that. Therefore, anybody who doesn’t oppose the Death Tax is a racist.
Posted by s.z. on Sunday, July 9th, 2006 at 5:52 pm.