Tuesday, May 30, 2006

Big Oil Execs Hit Jackpot With Estate Tax Repeal

The U.S. Senate will soon consider the total or at least partial repeal of the estate tax. Republicans have been very successful in renaming the tax the “death tax” creating the impression that we all pay upon death. This is of course untrue. As I posted just last month, 99.7% of Wisconsinites don’t pay the estate tax because their estate is not worth enough to trigger that tax.

Democrats have issued a report putting a face on some of those that will benefit from such an appeal of the estate tax. They examine how much big oil executives would personally save providing us with the information below:

Lee R. Raymond of ExxonMobil (Retired) gets $164 million

Rex W. Tillerson of ExxonMobil gets $12

James J. Mulva of ConocoPhillips gets $12

William R. Klesse of Valero Energy gets $11 million

Clarence P. Cazalot Jr of Marathon Oil gets $9 million

David J. O’Reilly of Chevron Corp. gets $3 million

For a Total of $211 million to the executives of big oil!

Not only would these guys save hundreds of millions of dollars, but it would cost the treasury $1 trillion. What programs would be cut as a result of making the super rich even richer? It is likely that the people that are most vulnerable in our society would suffer most from such cutbacks. That is a huge price to pay to save Lee Raymond’s family a fortune.

1 comment:

Marathon Genius said...

Bush has a plan to pay for these estate tax cuts.

On February 8, 2006, he signed the 2005 Budget Deficiet Reduction Act. The mandated changes in state Medicare laws means that most of the working people in the middle class and working class will spend their final months or years in nursing homes, with a "living allowance" of $45 per month (hardly enough for a man to get a hair cut and certainly not enough for a woman to have her hair done).

Changes include: expanding the lookback period from 3 years to 5 years.

Changing the time for beginning the inelibibility period from the time of gifting or asset transfer to the time a person qualifies for public assistance.

Changing the annuity rules so that many annunities will end before the beneficiary dies.

Changing the hardship rules so that few people qualify.

This means that you could work all your life, retire with hundreds of thousand of dollars in savings and still end up in a nursing home with $45 per month for "extras" at the end of your life.

What's more, you will be called a "welfare deadbeat, living on the public dole" even if you worked all your life.

These "deficiet reductions" go directly to fund tax cuts for the super rich.