By Michael J. Graetz
This fast moving e-book via Yale professors Michael Graetz and Ian Shapiro unravels the next secret: How is it that the property tax, which has been at the books always when you consider that 1916 and is paid via merely the wealthiest percentage of usa citizens, was once repealed in 2001 with large bipartisan aid? The secret is all of the extra notable as the repeal was once no longer performed in the dark, like a congressional pay elevate. It got here on the finish of a multiyear populist crusade introduced via a number of contributors, and was once heralded through its supporters as a sign fulfillment for american citizens who're devoted to the paintings ethic and the yank Dream.
Graetz and Shapiro performed wide-ranging interviews with the correct gamers: individuals of congress, senators, staffers from the most important committees and the Bush White condo, civil servants, imagine tank and curiosity team representatives, and so on. the result's a different portrait of yank politics as considered in the course of the lens of the dying tax repeal saga. Graetz and Shapiro brilliantly light up the repeal campaign's many desirable and unforeseen turns--particularly the peculiar consequence wherein the repeal is slated to self-destruct a decade after its passage. They exhibit that the stakes during this struggle are exceptionally excessive; the very survival of the lengthy status American consensus on innovative taxation is being threatened.
Graetz and Shapiro's wealthy narrative reads extra like a political drama than a standard paintings of scholarship. but each web page is suffused via their intimate wisdom of the heritage of the tax code, the transformation of yankee conservatism over the last 3 many years, and the broader political implications of battles over tax policy.
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Extra info for Death by a Thousand Cuts: The Fight over Taxing Inherited Wealth
Need we go on? Notwithstanding its shortcomings, many of the key players in the repeal effort at first hailed QFOBI as a major victory. Both the NFIB and the congresswoman who would eventually become the strongest advocate for total repeal, Republican Jennifer Dunn of Washington, applauded its adoption. But as time passed, it became clear that the law would not achieve the benefits for family businesses and farms that its sponsors had intended. One coalition member put it well: “There are a lot of fixes you can do that don’t 36 CHAPTER 4 hit the social policy objective of the estate tax.
At that point millions of dollars in estate taxes would be owed because, with 23 surviving beneficiaries, the family would be too large to qualify for the exception’s special treatment. Dunn agreed to incorporate an increase in the maximum number of family members allowed for a small business to claim exemption to 45, bringing them within its ambit. 2 billion to the Treasury over ten years. By incorporating it into the legislation, Dunn secured Abercrombie’s support for the overall bill. Conventional logrolling of this sort was one piece of Dunn’s approach.
She added, “I know how that knot in the pit of your stomach feels. ” She then went on to bash the Internal Revenue Service, calling for a 10 percent across-the-board income tax reduction and elimination of the tax law’s marriage penalties. ” Dunn has long since abandoned her call simply to cut estate taxes; now she will settle for nothing less than permanent repeal. A tireless advocate 42 CHAPTER 5 for the cause, she dismisses claims that the tax affects only the wealthiest 1 or 2 percent with a wave of her hand, just as she waves aside as inconceivable suggestions that repeal might diminish charitable giving.
Death by a Thousand Cuts: The Fight over Taxing Inherited Wealth by Michael J. Graetz