Dumb question. Everyone should know the answer. Hell, this is along the same lines as the tax cuts that were mused about almost two years ago.
Who always gains the most in these situations?
Pointing to data indicating that 99% of the estate tax is paid by the highest-earning 5% of Americans, a report released by the Democrats indicates that CEO's of major oil companies stood to gain significantly from a repeal. Democrats' estimates put oil company gains at least a "$200 million windfall." The family of one oil executive, Lee Raymond (the former ExxonMobil CEO), alone stood to receive a tax break worth over $160 million.
Democrats have also once again issued a 2005 Government Reform Committee report indicating that repealing the estate tax repeal would save the President, Vice President, and 11 cabinet members anywhere from $91 -- 344 million.
The estimated cost of the repeal, according to Democrats, is $1 trillion for the years 2011-2021.
Does that even surprise anyone?
Tags: [Dems say oil execs, Bush Admin set to gain from estate tax repeal], [Bush Administration], [Lee Raymond (the former ExxonMobil CEO), alone stood to receive a tax break worth over $160 million], [estimates put oil company gains at least a $200 million windfall], [repealing the estate tax repeal would save the President, Vice President, and 11 cabinet members anywhere from $91 -- 344 million], [H.R. 8]
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