Democratic Caucus Rejects Minor Spending Cuts: “We Have Got to Stop This Insanity Now” by Congressman John Adler (D-NJ)

Editorial Note: Freshman Congressman John Adler (D-NJ) and three of his colleagues were rebuked yesterday by a unanimous vote in the House Democratic Caucus. Adler was joined by Reps. Gary Peters (D-MI), Jim Himes (D-CT) and Peter Welch (D-VT) and they were seeking to eliminate $1.4 billion in spending which had been placed on top of President Obama’s budget request.

Why We Need to Kill The Death Tax by Gregory Hilton

Whitemarsh Hall outside of Philadelphia was constructed in 1921 by J.P. Morgan's partner, Edward T. Stotesbury. It was then America's fifth largest home, and his other residences were "El Mirasol," the first Spanish style mansion in Palm Beach, Florida, and Wingwood House, his 80 room “cottage” in Bar Harbor, Maine. Stotesbury's 150 servants rotated between various residences and maintained his private railroad car, yacht and fleet of luxury automobiles. Whitemarsh Hall was over 100,000 square feet, and it had 147 rooms, 24 fireplaces, three elevators with access to six different levels (three below, three above), a movie theater, barber shop and wine cellar that remained fully stocked through out Prohibition.

The death tax is now back on top of the legislative agenda. As part of George W. Bush’s 2001 tax cut, the estate tax was reduced gradually and this year it is zero. The death duties will go back into effect next January unless Congress acts, and the old 55% rate will return.