US Estate Tax Under Assault by Wealthy Families
A speaker on C-SPAN Radio criticized the U.S. healthcare system, contrasting it with other major countries that guarantee healthcare for all citizens at a lower cost. The speaker stated that 15 million Americans have lost necessary healthcare coverage due to recent legislative changes, moving the system in the opposite direction of universal access. A US singer is noted for writing songs that critique the American healthcare system, particularly focusing on frustrations with insurance companies. One song, titled 'United Healthcare,' is mentioned as encapsulating these sentiments. An IRS report indicates that extremely wealthy individuals, with billions in income, pay virtually no taxes. The speaker notes that even those not billionaires but still relatively wealthy pay minimal income taxes due to the IRS definition of income.
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Sources · 7 independent
“Let's do what every other major country on earth does, guarantee health care to all people. Think that's a radical idea? Every other country on earth does it, and they spend substantially less than we do.”
“You're probably one of the only singers that I listen to that sings about the US healthcare system. You have many songs about this. You've got this one song called United Healthcare. It encapsulates so many people's frustrations with insurance companies.”
“most fortunate, a few hundred people hundred people who are extraordinarily wealthy. according to the Internal Revenue Service, but have enormous amounts of income, billions and billions according to any normal person's definition of having made money, pay virtually no taxes at all. Even me, I'm not a billionaire, but I'm relatively wealthy, but I pay almost no income taxes because I have essentially no income according to IRS definition. I have plenty of income according to a convent definition of income. I think that's that gross.”
“The problem with the estate tax is not a matter of rate. The problem is that the estate tax was under assault from a campaign funded by 18 of the country's richest families in the early 1990s. To the extent any of you in the audience know the phrase death tax, That was a product of this campaign and it so effectively turned the public against the estate.”
“The problem with the estate tax is not a matter of rate. The problem is that the estate tax was under assault from a campaign funded by 18 of the country's richest families in the early 1990s.”
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