LoBiondo Shows He Favors Rich

On June 22nd, Rep. Frank LoBiondo, R-2nd, voted to drastically cut taxes on inherited estates. It's estimated that only 5,100 estates in the entire United States will be subject to taxation if this change becomes law. Opponents of the estate tax claim these assets have been already taxed. This is baloney because most of these assets are untaxed capital gains. The other argument is that the tax causes family farms and small businesses to be sold. The only problem is they can't name any families that were affected. In his press release, LoBiondo indicated he would like to remove the entire estate tax from the books so that even these 5,100 multi millionaires and billionaires can pass on this enormous amount wealth to their heirs. After all, how would little Johnny make his way in the world if he only inherited $50 million instead of $90 million? It's nice to know our elected representative is looking out for these people. Unfortunately, the rest of us will either have to pay more in taxes to make up for the $3 billion dollar hole this blows in the budget or watch our national debt rise even higher. You have to ask yourself - just who does this guy represent? James F. McCarthy, Ocean City Published in the Press of Atlantic City July 1, 2006