Saying Obama’s Proposal ‘Leaves Money On The Table,’ Group of Rich Tout Stronger Estate Tax

As President Obama and congressional Republicans wrangle over raising income tax rates on the richest Americans, a group of wealthy Americans is pushing an estate tax even more than that advocated by Obama. The group–which includes Bill Gates Sr., Disney heir Abigail Disney, former Treasury secretary Robert Rubin, and others — want a tax on inherited wealthy that begins at 45 percent and rises from there, with an exemption on up to the first $4 million of inheritance. The president’s proposal would be a flat 45 percent rate, the group says. The group, going to by the name Responsible Wealth, is seeking meetings with White House officials and from Democratic senators in order to carry the proposal forward as legislation, … Continue reading

Protest Group Decries ‘Back-Door Bail-Out’ of Bank of America

A group organizing protests distinct from, but similar in spirit to, Occupy Wall Street is denouncing permission granted by the Obama administration to allow Bank of America’s holding company to transfer risky derivative assets from Merrill Lynch to its federally insured bank. The New Bottom Line — a coalition of small business, community and faith organizations — wrote President Obama, Federal Reserve Chairman Ben Bernanke, Treasury Secretary Timothy Geithner and Federal Deposit Insurance Corp. Acting Chairman Martin Gruenberg — to demand that permission for the deal be revoked. Bank of America, which acquired Merrill Lynch in the wake of the 2008 financial meltdown, itself received a $45 billion taxpayer-funded bailout. The bank, which holds more than $1 trillion in deposits, … Continue reading