Here’s an idea for running the economy: let’s all give tax breaks to super-rich heirs like Paris Hilton! Then, Paris and other lucky heirs and heiresses will spend our money in wise ways that the rest of us mopes never would have thought of, creating an economic boom and great jobs for everyone!
OK, so he's being sarcastic... The Paris Hilton Fan Club, led by U.S. Senator Jon Kyl (R-AZ), is proposing eliminating the estate tax for rich heirs and heiresses.
[It] would cost nearly $1 trillion over the first ten years of implementation at a time when the government is already running massive long-term deficits. The one-year cost for repeal of the estate tax is more than our government invests in worthy endeavors such as homeland security, K-12 education, student aid, or veteran’s medical care. ...
The Paris Hilton Fan Club thinks that massive amounts of inherited income ought to be tax-free while workers continue to pay income and payroll taxes on their wages. They want Paris to have more money to invest in creating great jobs for everyone. They also want her to be able pass on more money to her children, assuring that Hiltons in skimpy skirts will live well, well into the future when our children are still digging their way out of the country’s debt.
Read the rest - and come back to discuss.