This is what repealing the Virginia Estate Tax accomplishes.1) Costs Virginia $120 million per year out of the general fund. Imagine what this money could have done for the Chesapeake Bay, education, health care, or a million other priorities?
2) Affects almost nobody except a few hundred rich people In FY 2005, just 1,866 Virginia estate tax returns were filed. However, only 871 reported any liability. Almost all the money ($114.6 million out of $138.3 million) collected was on estates greater than $2 million.
3) Makes Virginia's tax code far more regressive. Why? To help 871 rich people?
4) Violates FDR's belief that ?Great accumulations of wealth cannot be justified on the basis of personal and family security ? Such inherited economic power is as inconsistent with the ideals of this generation as inherited political power was inconsistent with the ideals of the generation which established our government.?
5) Violates Teddy Roosevelt's belief that "The man of great wealth owes a particular obligation to the State because he derives special advantages from the mere existence of government."
6) Proves that Democrats can be just as foolish and short-sighted as Republicans. Only SEVEN Democrats voted against this horrible bill, including Bob Brink, Al Eisenberg, David Englin, Kenneth Plum, James Scott, David Toscano, and Vivian Watts. Thank you to those seven, but what about everyone else? And why is Tim Kaine supporting a bill that Mark Warner vetoed in 2003?
Immigrant bashing, gay bashing, and tax giveaways to rich people. Wow, this General Assembly is really racking up quite a record of accomplishment, huh?
P.S. Just to be clear about this, as far as I'm concerned there is no excuse for ANYONE who calls themself a Democrat to support this wildly regressive tax cut for 871 rich Virginians. Comments?