Armstrong Williams,The Washington Times
IRS Targets Jackson Estate for big payout
While the Washington press corps was fixated recently on the latest developments surrounding President Obama’s trillion-dollar co-pay in the guise of health care reform,followed by backyard beer swilling,Internal Revenue Service bean counters quietly went about their business. Their mission?
Find a way to pay for the massive zeroes this administration continues to add at the end of the government’s mounting debt. In what some privately likened to an ancient archaeological find teeming with treasure,revenue agents discovered a potential $80 million golden pot of money,at the home of Michael Jackson.
That’s what the feds stand to collect if they enforce a massively onerous and confiscatory tax on the King of Pop’s estate,affectionately referred to as the death tax. And you can bet they’re coming to a neighborhood near you.
Until President Bush’s tax reforms of 2001 lowered the levy to 45 percent,the death tax in America ranked second only to Japan as the highest in the world,stifling enterprise in subtle yet noticeable ways.
The Obama administration,however,has no plans to keep the Bush reductions in effect. It has too many bills to pay to surrender the approximately $60 billion in revenue the tax generates over 10 years.