By Earl Lofland
Bureau of Labor Statitics Regional and State Employment and Unemployment Summary
For release 10:00 a.m. (EST) Friday, November 20, 2009
The Estate Tax should be eliminated. It has never contributed more than 1.5% of the federal budget, and
destroyed the economic development for small business to thrive. These are the crucial jobs our nation so badly
The Estate Tax has been nothing more then a form of corporate welfare for the large banking companies, and
financial services such as AIG. The Large Insurance companies earn over $12 Billion a year on the estate tax
related policies. Although unemployment continues to rise. and small businesses are finding it more difficult to
make it through these econimic hardships that are being forced on the American People causing the
unemployment rates to increase to levels that have not been seen since the Carter years
In the state of Delaware, according to the Bureau of Labor Statitics the Level of Unemployed workers rose to
Delaware Rates in October of 2008 stood at 5.5% Compared to the 3.2% Increase one year later to 8.7
New Unemployment figures will be relesed in December Yet. Even with the potential increase in seasonal jobs due
to the Holiday Season it is still predicted by economists the Rate will not show signs of an economic
In the Recent reports the National Average of newly registered individuals unemployed states at 10/2%
Although this does not take into accounts those who are displaced workers. Workers who have either not found
work and their unemployment benefits have expired. Or, have given up looking for employment.
In all, According to the Bureau of Labor Statistics, more than one out of every six workers in the US (17.5 percent)
were unemployed or underemployed in October. The highest level before this was was 17.1 percent, in December
Mark Zandi, chief economist at Moody's Economy.com. said he expects joblessness to stay in double digits
throughout next year, and will increase as high as 11%.
Now lets reflect on what took place in the US Senate, November 17th .Directing your attention on the estate tax
S. 2784, is a bill Co Authored by Sen. George V. Voinovich (R-OH) and Sen. Thomas R. Carper (D-DE) who has
Co sponsored amending the Internal Revenue Code of 1986. To permanently extend the estate tax as in effect in
2009, Carper has said the country cannot afford to lose the revenue the Estate Tax generates.
“For the sake of families and small businesses, we can’t let the estate tax go back into full effect, and yet as long
as we are running huge budget deficits we can’t afford full repeal, either
The highlights are as follows:
•Making the $3.5 million estate tax exemption permanent and indexing it for inflation starting in 2011;
•Tax rate of 45%;
•Unification of the gift and estate tax exemptions; and
•Portability of the exemption between spouses.
Late last week the House began working on similar initiatives in the Ways and Means Committee that would set
the tax at 2009 levels for the long term. Rep. Earl Pomeroy (D-ND) introduced his second estate tax Bill. H.R.
4154, Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act of 2009. Introduced on
November 19, 2009.
This brings the total number of bills that deal with estate tax reform in front of Congress up to 19. Tax advisors and
Estate planning Advisors are wanting a decision on the future of the estate tax soon so they can advise their
clients what to do in 2010 and beyond.
Yet, Dover attorney Kevin M. Baird, a partner with Baird Mandalas LLC, thinks Congress will take action before the
end of the year, but most likely the actions will not be a permanent solution.
“The general consensus seems to be that Congress will not allow the estate tax to expire in 2010, but they are not
going to let it drop to the pre-2001 levels,” Mr Baird stated. “What’s most likely to happen is there will be a one-
year patch and sometime next year they might take up more long-term fixes.”
But House Democrats are stuttering at the making any policy decisions makingl the estate tax permanent though,
due to millions of low-income and middle-income Americans struggling to climb out of a ecomic tsunami that has
not been experienced even dating back to 1982 unemployment recession levels, they don't want to cast a vote in
favor of what amounts to a huge tax cut to the richest families.
Rep. Jim McDermott (D., Wash.)has stated "At a time when you have 10.2% unemployment--are you crazy?" He
said that uncertainty about whether the Senate would be able to pass a permanent estate tax fix has given many
House Democrats pause.
McDermott said "We're all going to be elected again in a year.... I guess he has forgotten that the votes are not
cast yet, and his job is not promised to him.
There is very little news coverage found for these bilsl at this time. This means that this this bill has not yet been
mentioned on a publicly-searchable news website by either its official number or title
To amend the Internal Revenue Code of 1986 to permanently extend the estate tax as in effect in 2009, and for
other purposes. (Introduced in Senate)
S 2784 IS
IN THE SENATE OF THE UNITED STATES
November 17, 2009
Mr. CARPER (for himself and Mr. VOINOVICH) introduced the following bill; which was read twice and referred to the
I am not among those who fear the people. They, and not the rich, are our dependence for
continued freedom. And to preserve their independence, we must not let our rulers load us with
perpetual debt. We must make our election between economy and liberty, or profusion and
servitude. If we run into such debts, as that we must be taxed in our meat and in our drink, in
our necessities and our comforts, in our labors and our amusements, for our calling and our creeds,
as the people of England are, our people, like them, must come to labor sixteen hours in the
twenty-four, give the earnings of fifteen of these to the government for their debts and daily
expenses; and the sixteenth being insufficient to afford us bread, we must live, as they now do, on
oatmeal and potatoes; have no time to think, no means of calling the mismanagers to account; but
be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow