You know, I am old enough to remember a time when people used to get upset when lawmakers would vote themselves a pay raise. They are a bunch of bums! They don't deserve it! people would howl.
Yet, it looks like this week in Washington, our congress with the full support of President Obama is going WAY beyond a few thousand dollars in an unwarranted pay raise.
I am, of course, referring to the estate tax. Before President Obama's capitulation to the GOP last week, the tax was proposed to be 50% on the value of an estate over $3.5 million ($7 million for couples), now President Obama has agreed with the GOP to set it at 35% on the value of estates over $5 million ($10 million for couples).
I don't get a tax break for that. If you're reading this, I suspect you will not be getting a tax break. (The only I'll ever qualify for that is if I either get a huge settlement after getting hit by a drunk driver or if Derek Anderson leaves me all his money in his will someday for being his one true believer. *fingers crossed*)
You know who will get tax breaks from that? Members of congress. For example, John McCain is said to be worth an estimated $28-44 million. If we conservatively consider him to be worth $30 million, Mr. McCain (or his heirs more accurately I suppose) stands to save $4.5 million from the policy change!
That reminds me... one other way I could get a tax credit from this policy change is if I could marry Meghan McCain... she's going to be LOADED! (And she is already stacked!)
But, quite frankly, I think I got a better chance of getting named in Derek Anderson's will.
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