Rather than eliminate the Estate Tax at a cost of $753 billion dollars over 10 years, the Republican leadership should simply expand the offshore tax havens for the super rich 10 fold. The current tax abuses by the wealthy cost Uncle Sam upwards of $70 billion a year. These taxes would make their way into federal coffers if the rich behaved legally and ethically.
However President Bush needs to cut another $40 billion in social programs like last year so the wealthy can maintain their optional tax status. Rather than add another bill to the “hard work” the Senate performs on behalf of their base, simply have the Wyly’s share their tax avoidant practices with the whole country.
The plus for the Wyly brothers (soon to be some $500 million richer from the sale of Michael’s Stores) is they can make more money doing tax consulting. President Bush likes to steer federal business to his major donors so this “kills two birds with one stone”.
P.S. This post is deep sarcasm aimed at President Bush, Senator Bill Frist and other leaders ensuring their friends are enriched at the expense of the average American.
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