Fellow Democrats,
Here’s what you do if you’re REALLY, REALLY rich. You get together with a bunch of your other REALLY, REALLY rich friends, and you all throw a couple million dollars in the kitty, and you form an organization, and you give it a name like Free Enterprise Institute and you set about getting your taxes cut.
A spokesman for those REALLY, REALLY rich folks came to Bismarck this week, called a press conference, and showed a tasteless television commercial they’re going to run here to try to persuade North Dakotans to persuade Senators Dorgan and Conrad to cut taxes for REALLY, REALLY rich people.
Now why would we want to do that? How dumb do they think we are? We just don’t have any REALLY, REALLY rich people here, so why would we want our Senators to vote for tax cuts for REALLY, REALLY rich people somewhere else? What sense does that make?
This Free Enterprise Institute bunch wants to eliminate the inheritance tax. So that when REALLY, REALLY rich people die, their heirs don’t have to pay any taxes on the money they inherit. You and I wouldn’t benefit by this bill. Right now, 99.9 per cent of all North Dakotans would not benefit from this bill. Only North Dakota’s version of REALLY, REALLY rich people would benefit, and they are one tenth of one percent of our population. But let’s take a look at who would benefit.
Senator Dorgan was in the news this week pointing out that Exxon Mobil Corporation just gave its Chief Executive Officer Lee Raymond a retirement package worth nearly $400 million. Gulp. That’s 400,000,000 dollars. That’s a lot of zeros.
So let’s say good old Lee has a pretty fun first year and manages to blow about $5 million of that. And then he drives his car off a cliff and doesn’t get to spend the other $395 million. Bummer. Poor Lee. So the money goes to his family. All $395 million.
But wait. Before they get it all, they have to pay some taxes on it. It’s new income to them, so they have to pay taxes, just like you and I pay taxes on our income. I don’t know how it all works, exactly, but let’s just say for the sake of an example that they have to pay, oh, 40% tax on it. That means they’d only get $237 million.
And that, Fellow Democrats, is what the Free Enterprise Institute is all about. $237 million is not enough. They want the whole enchilada, all $395 million. That, Fellow Democrats, is not free enterprise like we know it here in North Dakota. That is greed. Real greed. Pure, unadulterated greed.
And this group comes marching in here and tells us that they want us to call Kent and Byron and have them vote for that. Are they nuts? Don’t they think we know what happens when those REALLY, REALLY rich people don’t have to pay that tax any more? It means the rest of us have to pay more to make up for it. While there are almost no North Dakotans who pay estate taxes (Kent says here were only 34 in 2003, the last year he could find numbers for) because we can already pass along $2 million without paying any estate taxes, there are REALLY, REALLY rich people in other places who do, and if this estate tax on multimillionaires is repealed, it would cost our Treasury about $40 billion over the next six years. And that means taxpayers like you and me have to pick up the tab for those freeloaders. Huh-uh. No thanks.
I’m calling Kent and Byron and telling them to vote against this scheme. You should too. Their phone numbers are on our website
www.demnpl.com.
Best Quote Of The Week Byron Dorgan said it. Wish I would have: "These major oil companies have hooked their hose up to the pocketbooks of American citizens and are sucking money from ordinary Americans into the treasury of the giant oil companies.”
I’m going canoeing in the Badlands. Right now. See you next week. On the Trail.
Jim