Friday, August 5, 2011

Republicans Claim Inheritance Tax Owed on Deficit Inherited from Bush Administration

Republicans continue to assure the wealthiest Americans that no new taxes will be levied against them. However, with the Tea Party breathing down their necks and threatening to withhold votes if something isn’t done to get the budget under control, top Republican strategists have come up with a plan they believe will take on the appearance of bringing in some much-needed revenue.

“We’re demanding that the present administration pay a 10% inheritance tax on the $8 trillion worth of debt over the next decade that Obama inherited from George W. Bush,” said Karl Rove at a recent fundraiser. “We fully admit that we laid a goose egg right before leaving office, but hell, that’s no excuse for allowing Barack Obama to get off scott free by not paying any tax on that debt,” said a defiant Rove to thunderous applause.

Hoping to cash in on the belief that “most Americans don’t know diddly about economics and wouldn’t know a tax law if it jumped up and bit them” Rove is confident that this latest ploy will succeed in making it seem plausible that a sitting President can be held responsible for paying inheritance tax on a balance (albeit a negative balance) inherited from the former administration.

When questioned where the money would come from to pay the inheritance tax, Rove replied “That’s not our problem. Let’s let the Democrats figure that part out,” as he went on to explain how corporate “gifting” works. 

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