Watcher: May 2, 2006

Estate Tax Vote Nears; Lobbying Heats Up Harsh Budget Resolution On Its Last Leg? 2006 Tax Reconciliation Bill Languishes White House Misleads Public, Congress on PART Results

read in full

Reconciliation Tax Cuts Would Benefit Wealthy

The Center on Budget and Policy Priorities has come out with a new report called "Reconciliation Tax Cuts Would Average $42,000 for Households With Income Over $1 Million, But Only $20 For Middle-Income Households." I think the title about wraps it up, but here is a telling excerpt from the report anyway:

read in full

"Death Tax" Summit Today

The anti-tax troops are out in full force on Capitol Hill today, participating in the annual Death Tax Summit which includes lobby visits and speeches from prominent GOP Senators. The National Association of Manufacturers' website states:

read in full

Spotlight on the Line Item Veto Act

On April 27, the Judiciary Committee's Subcommittee on the Constitution held an oversight hearing on the Line Item Veto Act of 2006. Christina Martin Firvida, Senior Counsel at the National Women's Law Center, testified the bill would

read in full

Super-Rich Families Lurk In Estate Tax Repeal Shadows

United for a Fair Economy and Public Citizen released a new report unveiling the 18 mega-rich families who are the primary finacial influence behind the decades long effort to repeal the estate tax. As detailed in the report, Spending Millions to Save Billions, the families include the candy magnate Mars family, the Waltons - owners of Wal-Mart stores, the Gallo wine dynasty, the Kochs of Koch Industries and Dorrance family of the Campbell’s Soup Company. Together, they are worth a total of $185.5 billion and would save upwards of $71.6 billion if the tax was repealed.

read in full

The President Who Cried Wolf?

The Senate voted today to smack down an attempt to cut spending from the 2006 emergency spending bill current under debate. An amendment offered by Sen. Craig Thomas (R-WY) that would have replaced the entire text of the $106.5 billion bill with President Bush's original $92.2 request was easily defeated 72 - 26.

read in full

Estate Tax Report: Spending Millions to Save Billions

United for a Fair Economy and Public Citizen released a report today called "Spending Millions to Save Billions: The Campaign of the Super Wealthy to Kill the Estate Tax." The report details the multimillion-dollar lobbying effort -- led by a handful of extremely wealthy families -- to repeal the estate tax. The groups issued a press release as well, saying:

read in full

Many Not Pleased With Levels of Supplemental Spending

The New York Times has a great article today highlighting some of the criticisms of supplemental spending, which has "ballooned over the last five years, driven first by the Sept. 11 attacks, followed by the war in Iraq and then by natural disasters including the tsunami in Asia and Hurricane Katrina."

read in full

National Council of La Raza Report Releases Estate Tax Report

The National Council of La Raza has issued a white paper concluding "that repeal of the estate tax would exacerbate the wealth gap between Latinos and other Americans and reduce the amount of revenue available for the community’s key policy priorities." Report: Undercutting the American Dream: Estate Tax Repeal Would Harm Latinos Executive Summary

read in full

Estate Tax Repeal Would Further Concentrate Wealth

Check out this good opinion article on the estate tax. It mentions that not only does the estate tax affect a miniscule percentage of Americans, but it is also an important tool for redistributing wealth and leveling the playing field in our society. In his column Jim Kiser refers to a point made by Bill Gates, Sr., an extremely wealthy man and an outspoken proponent of the estate tax:

read in full

Pages

Subscribe to The Fine Print: blog posts from Center for Effective Government