Chap on the budget, estate tax repeal

By: Rob
Published On: 6/21/2006 10:54:42 AM

Chap Peterson has posted his views on the Virginia General Assembly's 2006 budget.  He describes the good (telecom tax reform), the bad (no action on transportation), and the ugly:

The Ugly: Here we go again with the estate tax sham. The 2006 bill takes $124M and distributes it to our wealthiest families through a repeal of the tax on multi-million dollar inheritances. Which means that Paris Hilton can inherit $100 million in Virginia and pay no taxes, while suckers like you will pay tax on your earned income. Repealing the Paris Hilton Tax: So Not Hot. Ethically, this is a joke. Is it politically popular? Three years ago I denounced the estate tax repeal as a lobbyist-driven fraud and was re-elected easily in a "race to watch." Mark Warner vetoed the same bill and rose to 75% popularity. Yet dozens of Delegates and Senators continue to pander after a "pro business" rating -- given by the lamentably named Virginia FREE -- by approving a bill so anti-democratic that it's embarrassing to even discuss the details in public. And that's just the Democrats! A firm veto of this boondoggle will help Governor Kaine end his first session on a populist note.

Chap is right - this giveaway to multi-millionaire heirs should be vetoed. And that $124 million would sure help those gridlocked Virginians.

Comments



I'll never forget (LAS - 6/21/2006 10:08:36 PM)
Chap's spirited and eloquent speech against the repeal of the "Mars Family Estate Tax" (let's call a spade a spade, after all; in Virginia this is the Mars family, the largest privately-held business in the country and they DON'T want to pay taxes on any of it.)

But I digress: Chap's speech on the floor was a work of beauty to behold. It pisses me off to no end the Democrats who tell me that Chap is not a "real" Democrat because of one issue or another--the same ones who voted to repeal the estate tax! What is more "Democratic" than repsonsible fiscal policy and tax FAIRNESS? Where are all these family farms and businesses that are going out of business because they had to pay an estate tax?

And as for the argument, "why should you have to pay tax twice?" Pooey! Why should the children of the wealthy be exempt from paying taxes on money they didn't do a thing to earn?

Anyway, this is one of the reasons I love Chap!



The irony of it all (Terry - 6/21/2006 10:34:39 PM)
I could not agree more with LAS and with Chap. We need more people like Chap who will stand up for the core values of the Democratic Party that were engrained in me by parents who lived through the Depression and elected FDR to be one of the greatest presidents! It also strikes me as ironic that yesterday Virginia legislators passed a budget that benefits only the wealthiest people in America and today the U.S. Senate failed to pass a bill that would raise the minimum wage higher than $5.15 per hour. Virginia's Senators split on this vote. Thank you to John Warner for voting for real people and -- once again -- shame on you George Allen!