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Tuesday, March 27, 2007
CNS One-Source Wonder Watch

A March 27 article by Susan Jones on the estate tax quoted only an opponent of the tax, House Republican Whip Roy Blunt, so we can assume that this all came from a press release somewhere. So devoted was Jones to regurgitating the press release that she unquestioningly repeated a false assertion by Blunt: that the 55 percent top rate the estate tax would return to in 2011 if no congressional action is taken in the meantime is "unprecedented."

In fact, that rate has much precedent: 55 percent was the top rate before legislation was passed in 2001 to gradually lower the rate over the next nine years, dropping to zero in 2010.

Further, that 55 percent was/will be the maximum estate tax rate, yet Blunt and Jones portray the it as if it was the only rate; no other rates are mentioned. Blunt and Jones also fail to mention that most people do not pay an estate tax; currently, the first $2 million of an estate is not taxed, meaning that estates worth less than $2 million pay no estate tax at all.

Posted by Terry K. at 4:46 PM EDT
Updated: Tuesday, March 27, 2007 4:58 PM EDT

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