OMG! Looks like they repealed the Paris Hilton tax just in time!!!111!!1

[elehhhhna]

I hope she can now afford the rest of that glove.

[tridim]

1. Smell The Glove.. None blacker.

[Hugin]

2. If I were in that 0.00001% of people affected by the so-called...

"Death Tax (tm)".

I'd be watching the kids real closely from now on... Might even
get a "food taster".

BTW... Didn't I hear that was worth about $71 Billion (With a "B")
to the Government? Heck, that'd pay for a couple more weeks of war.

I guess they'll wring it out of me. Can't drive my 1977 Buick quite
as far as two weeks ago.

[SammyWinstonJack]

3. Better yet, let them wring it out of the stupid working class repugs

who back those who feel the need too let the ultra wealthy off the tax hook. Works for me.

[Hugin]

4. Yep, this turnip is dry...

They already raided my lock-box.

I'm hoping I have enough money left to get to my job so I can earn
money to support those wealthy people.

But, someday (BUHWAHAHAHAHAHAHAHA!) I may be one of those wealthy
people.

:sarcasm:

[wordpix2]

6. "Can't drive my 1977 Buick quite as far"---dittoes on my Honda Civic

Last fillup at 3/4 empty tank was $31. Costs me $42 when completely empty.

[papau]

5. Estate tax has notbeen repealed -nor has tax rate been lowerred -the

$1 trillion for repleal and 800 billion for lower tax rate to 15% has stopped both bills, I believe,

If I am wrong on this I'd appreciate being pointed to whatever I missed on this.

[Hugin]

7. Oh, it'll pass... They're calling it "less than a repeal"...

But, it'll still cost $282 Billion (That's with a "B" again).

I for the life of me, see no "compromise" in the new bill at all.

http://www.inc.com/criticalnews/articles/200606/compromise.html

[papau]

8. 2012-2021 Cost is $1T for total repeal, $800B for new House -$282 B is a

BullShit number for a "10 year cost" because it is low because of the one year of full repeal that is already in the years chosen for the calculation of the number, and because of the already reduced tax rate in those years. The tax rate is per current law scheduled to return to normal in 2011 and later. The Joint Committee on Taxation was told to use 2006 through 2016 for their June 20 report that scored the measure as costing $279.9 billion. Where the hell INC got $282 B I will leave to Inc's editors to find out.

If our Senators from the "center" cave on this, they can kiss disaster relief money that has any handling by the State good bye.

For the record, the Joint Committee on Taxation on June 20 released new estimates of the cost of making permanent the repeal of the estate tax after 2010. These estimates of the cost of H.R. 8, the measure that passed the House last year (and that the Senate voted on June 8 not to consider), show that permanent repeal would cost $386.5 billion between 2007 and 2016. These estimates are slightly higher than the previous Joint Tax Committee estimates released in March 2006, which showed a cost of $369.2 billion over this period.

The Center on Budget and Policy Priorities used the Joint Tax Committee estimates to project the cost of repeal over the 2012 to 2021 period, because that is the first ten-year period in which ten years of the full cost of making repeal permanent are reflected in the cost estimates. (The estimates for the 2007-2016 period reflect only five years of the full cost of permanent repeal.) Based on the Joint Tax Committee’s estimates from March — which until now have been the most current estimates available — they estimated a ten-year cost for the 2012-2021 period of $776 billion in lost revenue and $213 billion in higher interest payments on the debt, for a total budgetary cost of nearly $1 trillion.

Based on the new Joint Tax Committee estimates, which are slightly higher than the previous estimates, their projection of the costs of repeal over the 2012-2021 period increases slightly to $808 billion in lost revenue and $222 billion in higher interest payments.<1> The total cost remains about $1 trillion over the ten years (all estimates uses the Joint Tax Committee estimate of the cost of repeal for 2012-2016. For years after 2016, the standard costing assumption that the cost, measured as a share of the economy, will be the same as the cost in 2016 is used. Assuming that the costs of tax cuts remain constant over time, as a share of the economy, is a standard approach that revenue estimators use in making long-term budget projections.)