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April 12, 2005

The Paris Hilton Benefit Act

EJ Dionne's firing on all cylinders today with a blistering column on the Paris Hilton Benefit Act, otherwise known as the estate tax. You guys probably know Bush's tax cuts eliminated it, but they just shoved it in an overstuffed closet and it's slated to pop back out, strong as ever, in 2009. So tomorrow, Republicans are sitting down to reform -- read: eliminate 00 the tax permanently and ensure that all those rich heirs will never pay a dime on their estates. Time for the left to call bullshit.

Dionne argues for explicitly tying the tax to the Social Security shortfall. According to the CBO, even a reduced estate tax would cover fully 1/2 of the program's deficit, which means Republicans are going to have to decide between protecting Paris Hilton's inheritance and paying Grandma Millie's Social Security check. Democrats should be all over that choice, making sure it's made as publicly as possible. Go git' em.

Update: Heh.

April 12, 2005 | Permalink

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» Paris Hilton Tax Cut from Don Singleton
Social Security benefits are paid from Social Security Revenues. The estate tax goes to general revenues, not the social security tax fund. [Read More]

Tracked on Apr 12, 2005 3:03:09 PM

» A Law for Paris from Battlepanda
Voiceover: Life is good when you're Daddy's little girl. Not a care in the world except for shopping, parties and the wonderful world of home videos. Yet Paris doesn't know that her life is about to be changed...for ever. [Read More]

Tracked on Apr 13, 2005 12:40:34 AM

» Grand Theft America from Happy Furry Puppy Story Time with Norbizness
You wonderful, smarmy electoral meal ticket! OK, so the post title isn't that original, but it may make more sense by the time I'm done. I previously announced my first idea for a good 2006 midterm election commercial here:... [Read More]

Tracked on Apr 13, 2005 11:31:25 PM

Comments

actually, that's brilliant. The Dems should ***totally*** make Paris Hilton a scapegoat, because you could work in the amy sullivanian moralizing in the process as well.

Posted by: praktike | Apr 12, 2005 2:12:52 PM

Quick, someone get a video camera and ask Paris what she thinks of the inheritance tax. Use the infrared feature if you have to. If there is a God she will be on the Republican side and will give a moronic answer that will make great commercial fodder. Paris Hilton and George Bush agree--children of the filthy rich should get a tax break.

Posted by: TJon | Apr 12, 2005 2:16:02 PM

How much of an estate like the one Paris will inherit is taxed? Don't most of the super rich shelter all their dough in trust funds, etc.?

Posted by: Hoyt Pollard | Apr 12, 2005 2:22:07 PM

2011, I think, not 2009.

Posted by: DaveL | Apr 12, 2005 3:24:43 PM

That is another issue that can and should be exploited by the Dems. Even if the estate is sheltered, it still could yield enough revenue to be of benefit. Go for it.

Posted by: Nora Ingram | Apr 12, 2005 6:35:27 PM

Hoyt: The estate and gift tax code is fairly complex. Suffice to say that putting assets in trust -- in and of itself -- is generally not sufficient to provide an estate tax shelter. There are many ways -- some explicitly sanctioned by the Code, others dreamt up by the tax bar -- to reduce that burden. Most wealthy people's estates pay at least a little estate tax, if not on the instance of the first death, then on the second.

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