Eighteen of America's wealthiest families, including the Timkens of Canton, are bankrolling efforts to permanently repeal estate taxes that would save their families a total of $71.6 billion, according to a report released Tuesday by public interest groups, the (information-restricted) Cleveland Plain Dealer reports. Excerpts:"
Groups funded by the super-rich have engaged in a deceptive campaign to convince the public that estate taxes cause widespread problems for small businesses and family farms when they actually affect about one in 370 estates, said the report released by Public Citizen and Boston-based United for a Fair Economy.
Groups that support estate tax repeal say they're close to getting the 60 votes they need in the Senate. Grover Norquist of Americans for Tax Reform says 68 percent of Americans want the tax eliminated. He says estate taxes affect a broad range of people and dismissed the report's contention that it only affects the super rich as "tired rhetoric of hate and envy."
They said families including those that founded Wal-Mart, Gallo wineries, Nordstrom's department stores, Wegman's grocery stores, the Mars candy company, Cox media chain and Campbell Soup Co. joined the Timkens in bankrolling an effort the groups' report called "one of the biggest con jobs in recent history."
No comments:
Post a Comment