Who's looking out for the richest .3%?
The following index appeared in this week's issue of the Facing South e-newsletter. To subscribe, please enter your e-mail in the sign-up box on the upper right side of the page. (We promise not to share your address with anyone else.) To go to the original sources, please click on the figures.
Under the estate-tax rules proposed by President Obama, value of assets per couple that would remain exempt: $7 million
Percent of estates that would be exempt from the tax under the Obama plan: 99.7
Tax cut Obama's plan gives in 2012 to those making more than $1 million a year: $8,000
Amount to which a recent proposal from Sens. Blanche Lincoln (D-Ark.) and John Kyl (R-Ariz.) would raise the estate tax exemption per couple: $10 million
Percent to which their proposal would lower the tax's top rate, from 45 percent: 35
Estimated number of family farms and small businesses that would owe estate tax under Obama's rules: 100
Estimated number that would owe the tax under the Lincoln-Kyl plan: 40
Estimated number that would owe the tax under current law: 2,700
Amount their proposal would cost the Treasury: $250 billion
Out of the 5 richest families in Arkansas, number that are founders of companies that have given $24,000 or more to Sen. Lincoln over the last 5 years: 3
Number of Republican Senators who voted for the Lincoln-Kyl plan: 41
Number of Democratic Senators who voted for it: 10
Year Sen. Lincoln is up for re-election: 2010
(Photo of Blanche Lincoln from the U.S. Senate website)
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