A few wealthiest families of US are not seemed to be much impressed on the Bush tax cut. According to a report an association of 18 wealthiest families, is lobbying hard to abolish estate tax. It is also learnt that they are secretly financing a campaign to do away with estate tax and have already spent a gigantic sum of $ 490 million since 1998 so far.



Its not that they are only dependent on the populist measures, they are lobbying hard in political circle as well. Almost half of the families have close association with the Bush administration.



Further, they have funded millions to outside groups furtively just to keep their ties with the campaign a secret. The report has also come to the conclusion that the association has provided millions for ad-campaigns and other lobbying efforts.



What’s more, the report reveals that if a repeal of the estate tax is passed, the federal treasury would suffer a loss of $ 1 trillion in the first ten years which matches the projected cost of Iraq war. The loss to the federal treasury would affect the other sectors like education health and others as well.



However, according to a poll survey a majority of the people are in favor of keeping estate tax.



Via politicalaffairs.net