To me, it shows an amazing lack of introspection-Now, if he really believed that, why did he feel compelled to try and bully the county attorney who had been arrested for DUI into resigning?
To be consistent, he should have just gone to the voters and asked them not to reelect her. In other words, he should have insisted that the war against her be fought at the ballot box and not the statehouse.
On a different note, I watched a new Mitch McConnell ad where he proclaims to be against the "death tax" because it causes "family farmers" to lose their property upon the death of the parents. The man is absolutely shameless.
The claim has been rated as "mostly false" by Factchecker, and for good reason.
This from faireconomy.org:
What is the estate tax?
The estate tax is a tax on the transfer of assets at death (inherited wealth). It applies only to large accumulated fortunes.
When someone dies, his or her assets (the "estate") are distributed to heirs. If the total value of the estate is larger than the tax-exempt amount, an estate tax is imposed on the portion above the exemption before the remaining assets are distributed. Any amount given to a spouse or charity is tax exempt.
How large does an estate need to be to be taxed and what are the rates?When someone dies, his or her assets (the "estate") are distributed to heirs. If the total value of the estate is larger than the tax-exempt amount, an estate tax is imposed on the portion above the exemption before the remaining assets are distributed. Any amount given to a spouse or charity is tax exempt.
Since
2002, the estate tax has been paid only by millionaires. Rates have
varied, since the Bush Tax Cuts of 2001 and 2003 resulted in frequent
changes to the estate tax exemption and rate.
The individual estate tax exemption—the amount of money an individual can pass to heirs tax free—has been as low as $1 million in 2002 and as high as $5 million in 2011. The exemption is effectively doubled for married couples who engage in basic estate planning.
Rates on the amount above the tax-free exemption have varied from 55 percent to 35 percent. Below you can find a table listing the estate tax exemption and rate since 2002.
The individual estate tax exemption—the amount of money an individual can pass to heirs tax free—has been as low as $1 million in 2002 and as high as $5 million in 2011. The exemption is effectively doubled for married couples who engage in basic estate planning.
Rates on the amount above the tax-free exemption have varied from 55 percent to 35 percent. Below you can find a table listing the estate tax exemption and rate since 2002.
Who pays the estate tax?
The estate tax is reserved only for society's wealthiest elite. In 2009, just one-quarter of one percent (0.25 percent) of all estates were expected to owe any estate tax at all.
What about farms and small businesses?The estate tax is reserved only for society's wealthiest elite. In 2009, just one-quarter of one percent (0.25 percent) of all estates were expected to owe any estate tax at all.
Very
few family farms and small businesses are affected by the estate tax.
The Congressional Budget Office estimates that with a $2 million
exemption, only 123 farms per year in the U.S. would owe any estate tax,
and the number of small businesses is similarly small. In 2001, the New
York Times reported that American Farm Bureau Federation (who was in
favor of repealing the estate tax) could not cite a single case of a
family farm lost due to the estate tax.
On average, those few small business and farm estates will owe only 14 percent of the estate, so it is unlikely they will have to sell the business or farm. Plus, they can spread any payments over 14 years. They also benefit from special use valuation, and minority interests and marketability discounts.
Moreover, gutting the estate tax would actually hurt family farms. The estate tax helps make family farms more competitive against mega-scale agriculture, because it moderates ever-larger concentrations of wealth and economic clout. Repeal of the estate tax or exempting farms completely will only encourage further concentration of farm ownership, which reduces competition. An unlimited exemption for farm assets could create a giant loophole from the estate tax because wealthy individuals who expect to owe estate tax could use much or all of their wealth to buy farms before they died.
How much does the estate tax raise every year?On average, those few small business and farm estates will owe only 14 percent of the estate, so it is unlikely they will have to sell the business or farm. Plus, they can spread any payments over 14 years. They also benefit from special use valuation, and minority interests and marketability discounts.
Moreover, gutting the estate tax would actually hurt family farms. The estate tax helps make family farms more competitive against mega-scale agriculture, because it moderates ever-larger concentrations of wealth and economic clout. Repeal of the estate tax or exempting farms completely will only encourage further concentration of farm ownership, which reduces competition. An unlimited exemption for farm assets could create a giant loophole from the estate tax because wealthy individuals who expect to owe estate tax could use much or all of their wealth to buy farms before they died.
The
estate tax raises billions of dollars each year. The estate tax, at
2002-2009 rates and exemptions, raised $15-26 billion per year. The
variations are due to the changes in exemption and rates caused by the
Bush tax cuts, as well as fluctuations in the overall economy that
affect the value of assets like stocks and real estate. The table below
summarizes estate tax revenue since 2002, using IRS data and an estimate
by the Tax Policy Center.
Why is it important to preserve a strong estate tax?
Why is it important to preserve a strong estate tax?
Weakening
the estate tax would mean billions of dollars in tax breaks each year
for the exclusive benefit of multi-millionaires. The responsibility of
paying taxes for public services will shift from millionaires to
low- and middle-income taxpayers. A strong estate tax is one of the
best remedies for economic inequality because it reduces dynastic wealth
and helps ensure more broadly shared prosperity.
What makes for a good estate tax?
A
strong estate tax law will have a graduated rate structure that taxes
very large fortunes at a higher rate and an exemption that results in 98
percent of Americans paying no estate tax. A strong estate tax would
raise substantial revenue for our government.
The claim that Mitch is trying to help out Kentucky farmers by repealing the estate tax is beyond reason, but not beyond Mitch. I'd be surprised if more than one or two Kentucky farms are subject to the tax every year. No, Mitch is not worried about Kentucky farmers, he's worried about Mitch and Mitch's friends, like that farming family, the Koch brothers. I wish the Grimes campaign would look into this and address it.
The claim that Mitch is trying to help out Kentucky farmers by repealing the estate tax is beyond reason, but not beyond Mitch. I'd be surprised if more than one or two Kentucky farms are subject to the tax every year. No, Mitch is not worried about Kentucky farmers, he's worried about Mitch and Mitch's friends, like that farming family, the Koch brothers. I wish the Grimes campaign would look into this and address it.