Who is in favor of the death tax? Socialists who want to redistribute the wealth? Maybe, but they’re fellow travelers with the life insurance lobby which makes a LOT of money from selling insurance to offset the death tax.
A new report from a trade association representing family-owned businesses fighting against the estate tax says a giant life insurance lobby is a key force pushing against repeal of the estate tax as the tax creates demand for their insurance.
The life insurance industry’s lobbying presence in D.C. is huge – larger than almost any other industry sector. According to the report, life insurers spent $10 million per month on lobbying in the first half of 2010. Only the pharmaceutical, electric utilities and oil and gas sectors, the heaviest of heavy hitters, spent more.
I wonder how the socialists feel about the life insurance companies using them as useful idiots. (Actually I don’t care, a pox on all of them.)
And the benevolent Warren Buffet who so selflessly argues for the death tax?
One of the most outspoken voices urging a higher estate tax, Warren Buffet, owns six life insurance companies, the report says.
Meet the new boss, same as the old boss.