Three Way News

Your Source. For everything. Really.

Sunday, July 10, 2005

Smilin' Norm Coleman: Liar

Here's Smilin' Norm's poll question on the estate tax:

Upon a person's death, his or her assets of a certain value are taxed again by the federal government. This policy, often referred to as the death tax, forces many small businesses and family farms to shut down rather than being passed down to the next generation. Do you support permanently repealing the death tax?

Kevin Drum points out New York Times article following up this CBO report (PDF) on the estate tax's effect on family farms.

So, how many is many? Turns out, it's 27. Not 27 in Minnesota: 27 nationally. 27 nationally -- at most:

The number of farms on which estate tax is owed when the owners die has fallen by 82 percent since 2000, to just 300 farms, as Congress has more than doubled the threshold at which the tax applies, the Congressional Budget Office said in a report released last week.

All but 27 farmers left enough liquid assets to pay taxes owed, the budget office found, although it hinted that the actual number might be zero.

MPR covered the ugly, false ads aired by Coleman supporters back in 2002. Here's the ad:

"Wife: Senator Wellstone just voted to keep the death tax.

Husband: Paul Wellstone actually voted to tax people because they died?

Wife: What's going to happen?

Husband: We're going to have to sell the farm.

Wife: No, Lloyd, we're going to call Paul Wellstone and tell him our folks paid their fair share. And to keep his money-grubbing hands off our farm," the ad says.

The radio ads were paid for by Americans for Job Security.