skip to main content
skip to newscasts

Thursday, April 25, 2024

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

SCOTUS skeptical that state abortion bans conflict with federal health care law; Iowa advocates for immigrants push back on Texas-style deportation bill; new hearings, same arguments on both sides for ND pipeline project; clean-air activists to hold "die-in" Friday at LA City Hall.

view newscast page
play newscast audioPlay

"Squad" member Summer Lee wins her primary with a pro-peace platform, Biden signs huge foreign aid bills including support for Ukraine and Israel, and the Arizona House repeals an abortion ban as California moves to welcome Arizona doctors.

view newscast page
play newscast audioPlay

The urban-rural death divide is widening for working-age Americans, many home internet connections established for rural students during COVID have been broken, and a new federal rule aims to put the "public" back in public lands.

Sharing the Wealth: WA Congressman Tackles the Estate Tax

play audio
Play

Monday, November 30, 2009   

SEATTLE - They say you can't take it with you and, in December, Congress must decide how much estates should be taxed when someone dies. The federal estate tax expires at the end of this year.

It doesn't affect most people - only one in a hundred is wealthy enough for their estate to be taxed - but some of the super-rich are lobbying to eliminate it. Groups such as United for a Fair Economy (UFE) disagree; its Responsible Wealth Director, Mike Lapham, points out that the tax averages 17 percent of a multimillion dollar estate, and he believes paying it is the right thing to do.

"Keeping 83 cents on your dollar, being able to pass that on to the next generation or to charity, doesn't seem like a terribly bad deal. That, to me, is a fair amount to pay back to a society that, really, created the opportunity to build your wealth in the first place."

There are proposals to keep the estate tax, and others that would end it. Lapham says his group supports a plan introduced by Washington Congressman Jim McDermott (D-7th District.)

"We think the strongest one is Representative McDermott's bill, the Sensible Estate Tax Act, which says we should set the exemption at $2 million per individual or $4 million per couple and set the rate at 45 percent above that. That would bring in much more revenue than any of the other proposals."

Right now, a married couple can pass on $7 million to their heirs before paying any estate tax, which has been reduced several times in the past decade.

Opponents of the tax say it penalizes the families of successful people. But UFE's viewpoint is that reducing or eliminating the tax would ensure that the rich get richer, at a time when the government cannot afford to lose a source of income. The group's Web site is www.faireconomy.org.



get more stories like this via email

more stories
Rep. Crystal Quade, D-Springfield, the House Democratic floor leader, called Missouri politicians "extremist" on social media after they passed the most restrictive abortion ban in the country and defunded Planned Parenthood. (Fitz/Adobe Stock)

Health and Wellness

play sound

The Missouri Legislature has approved a law to stop its Medicaid program, known as MO HealthNet, from paying Planned Parenthood for medical services …


Environment

play sound

A round of public testimony wrapped up this week as part of renewed efforts by a company seeking permit approval in North Dakota for an underground pi…

Social Issues

play sound

Air travelers could face fewer obstacles in securing a refund if their flight is canceled or changed under new federal rules announced Wednesday…


The Iowa Movement for Migrant Justice calls Senate File 2340 a "ridiculous stunt," passed in an election year "to mobilize voters using fear and anti-immigrant sentiment." (Adobe Stock)

Social Issues

play sound

Advocates for immigrants are pushing back on a bill signed by Iowa Gov. Kim Reynolds in the last few days of the legislative session, modeled on a …

Environment

play sound

An environmental group is suing the U.S. Fish and Wildlife Service to protect the Arkansas mudalia snail under the Endangered Species Act. In …

Currently, more than 2.7 million Californians live within 3,200 feet of an operational oil well. (MSPhotographic/Adobe Stock)

Environment

play sound

Leaders concerned about pollution and climate change are raising awareness about a ballot measure this fall on whether the state should mandate buffer…

play sound

A coalition of climate groups seeking cleaner air at the rail yards and ports of Los Angeles and Long Beach will hold a "die-in" rally tomorrow at Los…

Health and Wellness

play sound

By Marianne Dhenin for Yes! Magazine.Broadcast version by Shanteya Hudson for Georgia News Connection reporting for the YES! Media/Public News …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright © 2021