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View Diary: Class Warfare: 18 Families financed Estate Tax Repeal Campaign (300 comments)

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  •  There is a lobby -- charities (4+ / 0-)

    Estate taxes benefit charities because money going to charity is tax-deductible. There are a number of fancy trust techniques that provide income or estate tax benefits to the donor. Plus rich people would rather give their money to wingnut 'charitable'organizations than to pay taxes that support the rest of civil society.

    Charities have an active and continuing lobbying effort going against estate tax repeal. And they are right to be concerned -- the fact that charitable gifts are tax-deductible is almost always the motivation for the large gifts from rich people that they depend on.  

    It's never too late to become what you might have been. -- George Eliot

    by ZAPatty on Tue Apr 25, 2006 at 09:18:19 PM PDT

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    •  How much is appropriate to contribute (0+ / 0-)

      to bribing the Congress. I don't think honest to goodness charities ought to have much left over for that.

      Giving will not stop with the end of the estate tax, but there is a chance that estate planning will decrease charitable giving if it is of no use.

      •  Lobbying doesn't have to include bribery (1+ / 0-)
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        CSI Bentonville

        but perhaps I should have said they're arguing against repeal rather than lobbying. Sounds more benign.  

        Estate planning substantially increases charitable giving.  Repealing the estate tax would remove most of the tax incentives encouraging philanthropy. (But not all, if gifts to charity remain income-tax deductible.)  I think our interests are aligned with the charities' on this issue -- not a bad side to be on.

        It's never too late to become what you might have been. -- George Eliot

        by ZAPatty on Tue Apr 25, 2006 at 10:14:52 PM PDT

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