Wednesday, July 27, 2005

Bush cabinet estate tax savings

The phase out of the estate tax will be complete in 2010. But in 2011, it is supposed to be reinstated. H.R. 8, passed earlier this year, would eliminate the 2011 sunset provision, thus making the estate tax cut permanent.

The Urban Institute-Brookings Institution Tax Policy Center calculated that permanent repeal would take $270 billion out of the treasury over the next ten years.

Using the estimates of their net worth, Rep. Henry Waxman calculated the amount of money members of President Bush's cabinet stand to gain:

Waxman's fact sheet can be downloaded as a pdf.


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