OpEdNews - Page 6 of Article: Sen. Bernie Sanders: Why He Opposes the Nussle Appointment as OMB Director

According to the Center on Budget and Policy Priorities, repealing the estate tax would cost over $1 trillion from 2012 to 2021 -- over $1 trillion. In other words, if the President's plan to permanently repeal the estate tax succeeds, the children and family members of the most privileged families in America will reap a massive tax break. Instead of closing the gap between the rich and the poor, instead of addressing the huge national debt and deficit problems we have, we make both situations worse by fully repealing the estate tax.

Now, I have brought with me a few charts to demonstrate who are the winners and losers in the President's budget. Obviously, fortunes go up and down, and we do not know what anyone is going to be worth tomorrow, let alone in the coming years. And the estimates I am giving to you and the charts I am using are based on two reports.

The first is an April 2006 report by United for a Fair Economy and Public Citizen, entitled "Spending Millions to Save Billions,"- reflecting the financial position of the wealthiest 400 Americans in this country as compiled by Forbes magazine from the year 2005.

The second is a May 30th, 2006 report from the House Government Reform Committee, entitled

"Estimated Tax Savings of Oil Company CEOs.''

Of course, no one can predict what the numbers will be in the years to come. But these are the best figures available to us at this time.

Let me go to the first chart. The granddaddy of all of the winners under the Bush budget is none other than the heirs to the Wal-Mart fortune. If the estate tax was completely repealed, the entire Walton family would receive an estimated tax break of $32.7 billion -- that is $32.7 billion in tax relief for one family which today happens to be one of the wealthiest families in this country already.

Meanwhile, in contrast, the President's budget proposes to cut Medicaid by $28 billion over the next decade, driving up the cost of health care for tens of millions of Americans. In other words, while one of the wealthiest families in this country gets a tax break of over $30 billion, tens of millions of Americans "" children and seniors included -- will suffer. Now, that may make sense to the President, that may be fair to Jim Nussle, who also voted to repeal the estate tax, but it sure does not make sense to me. In other words, if the President's proposed budget passes, millions of Americans will lose, including some of the most vulnerable people in our country, while one very wealthy family wins.

A second major beneficiary of the President's tax cuts are the heirs to the Mars candy bar fortune. Now, I like Snickers as much as anybody. And I do not want to be seen here as attacking Snickers, one of the basic food groups of American society. But the family that owns Mars is slated to receive an estimated $11.7 billion tax break if the estate tax is fully repealed.

Meanwhile, the President's budget proposes cutting the VA budget by $3.4 billion over the next five years. This comes at a time when hundreds of thousands of veterans are forced onto a waiting list to receive the healthcare benefits they were promised because of a lack of funding. Veterans lose under the Bush budget.

Another major winner in the President's budget is the Cox family. They are the heirs to the Cox cable fortune. They will gain $9.7 billion if the estate tax is repealed. Meanwhile, while the Cox family would receive almost $10 billion in tax breaks, the President wants to cut funding for education by $1.5 billion.

The President keeps talking about No Child Left Behind while his budget continues to leave, in fact, millions of children behind. In Vermont and all over this country, school districts are struggling with grossly inadequate funding for special education, which the President also wants to cut. We do not have the money to fund special education to improve public education in America. We do not have that money. But we do have $9.7 billion for one family, the Cox family.

Another major beneficiary of the President's budget is the Nordstrom family, owners of the upscale department store chain. By repealing the estate tax, the Nordstrom family stands to receive an estimated $826 million tax break, according to the April 2006 report from United for a Fair Economy. Tax breaks of over $800 million for an enormously wealthy family, and yet we see a $630 million cut in the President's budget for the Community Services Block Grant Program.

Mr. President, as I'm sure you know, the Community Services Block Grant Program provides the infrastructure necessary to deliver services to 15 million of the lowest income people in our country. These are people who are hungry. When they are hungry, they go to the community action program. When they are homeless, they go to the community action program. When they do not have any money to buy food, they go to the community action program. The President proposes to cut back on that program, but he believes we have $826 million in tax breaks for the Nordstrom family.

In addition, the former CEO of ExxonMobil does very well from the President's tax breaks. As I mentioned earlier, while the cost of gasoline was soaring, while the profits of ExxonMobil were soaring, the company decided, in its wisdom and generosity, to provide a $400 million retirement package for their departing CEO, Mr. Lee Raymond. Now, the President wants to reward Mr. Raymond by providing his estate with an estimated $164 million tax break.

On the other hand, there is a program called the Commodity Supplemental Food Program which provides a package of high-quality, nutritious food to some 480,000 seniors, mothers, and children each and every month. The President wants to eliminate this program. He is saying to the 4,000 seniors in Vermont who benefit from this program, the almost half a million seniors, mothers, and kids who benefit from this package of food once a month: We in America don't have enough money to provide for you who are hungry, for you who are old. We can't do it. But if you are the former CEO of ExxonMobil, if you have a $400 million retirement package at the end of your career, guess what. Your family will get a $164 million tax break.

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