To Paris With Love: Multi-Millionaire Heirs Get 183 Years of Minimum Wage Income
House conservatives passed a bill last week that combined a minimum wage hike with a dramatic cut to the estate tax (aka the Paris Hilton Tax).
By my calculations, the minimum wage hike will increase the incomes of full-time, minimum wage workers by $84 a week, or about $4,368 a year. This would bring their income up to just over $15,000 a year (assuming 40 hours per week and 52 weeks per year.)
By contrast, the heirs of multimillionaires would receive substantially more by way of benefits. Consider the heirs who stand to receive a $10 million fortune through married parents. Under the new proposed law they would receive a tax break of as much as $2.76 million (compared with the 2006 estate tax law.)
Put another way, the heirs of the $10 million estate would get a tax break worth as much as 183 years of the income of a full-time minimum wage earner.
– John Irons, Director of Tax and Budget Policy
Cross-posted at BudgetBlog. Check out BudgetBlog every day for real-time analysis and commentary on the federal budget.
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Republicans determined to win in November are up against a troublesome trend — growing opposition to President Bush.
An Associated Press-Ipsos poll conducted this week found the president's approval rating has dropped to 33 percent, matching his low in May. His handling of nearly every issue, from the Iraq war to foreign policy, contributed to the president's decline around the nation, even in the Republican-friendly South.
More sobering for the GOP are the number of voters who backed Bush in 2004 who are ready to vote Democratic in the fall's congressional elections — 19 percent. These one-time Bush voters are more likely to be female, self-described moderates, low- to middle-income and from the Northeast and Midwest.
Two years after giving the Republican president another term, more than half of these voters — 57 percent — disapprove of the job Bush is doing.
yeh...from your lips to God's ear!
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