Top Leaderboard, Site wide
Truthdig: Drilling Beneath the Headlines
June 28, 2017 Disclaimer: Please read.
x

Statements and opinions expressed in articles are those of the authors, not Truthdig. Truthdig takes no responsibility for such statements or opinions.


Senate Leaders Scramble for a Deal on Health Care Bill




What’s Next for the Bill Cosby Sex-Assault Case?

Truthdig Bazaar
Salt: A World History

Salt: A World History

Mark Kurlansky
$9.78

more items

 
Ear to the Ground
Email this item Print this item

Obama’s ‘Mixed Feelings About Old People’

Posted on Apr 27, 2013
eflon (CC BY 2.0)

The president gave wealthy Americans “a most generous reduction in their estate taxes” while telling Social Security beneficiaries “to live with smaller benefit checks,” William Greider writes in The Nation.

In early January, the president signed a new law that entitles all rich people to an estate tax exemption of $5 million—seven times the size of the exemption that existed in the last years of the Clinton administration and more than double that in George Bush’s.

Additionally, the new estate tax exemption is protected against inflation, while the new cost-of-living index Obama has proposed for Social Security is not.

Indeed, “these changes are a revenue loser for the government,” Greider writes. “The generous reductions in the estate tax will cost around $400 billion in lost revenue by not reverting to terms before the Bush II presidency worked to undermine it. The ‘chained CPI’ fix for Social Security and other programs, including the estate tax exemption, is expected to save only about half as much as the estate tax loses—and those savings come not from the rich, but the broad ranks of working people.”

—Posted by Alexander Reed Kelly.

Banner, End of Story, Desktop
Banner, End of Story, Mobile
Watch a selection of Wibbitz videos based on Truthdig stories:


Get a book from one of our contributors in the Truthdig Bazaar.

Related Entries

Get truth delivered to
your inbox every day.



New and Improved Comments

If you have trouble leaving a comment, review this help page. Still having problems? Let us know. If you find yourself moderated, take a moment to review our comment policy.

Join the conversation

Load Comments
Right Top, Site wide - Care2
 
Right Skyscraper, Site Wide
Right Internal Skyscraper, Site wide

Like Truthdig on Facebook