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Wednesday, May 31, 2006

 

If Carper or Biden Vote for this, they should be TOAST!!

The Senate is scheduled next week to take up legislation by Arizona Republican Jon Kyl that would permanently repeal the estate tax on the wealthiest Americans. If enacted, Kyl's bill would plunge the government another trillion dollars into the red during the first decade (2011-2021) that it would be in effect.

Harold Meyerson wrote a very informative editorial on this in today's Washington Post.

The Estate Tax Repeal legislation is not only fiscally irresponsible, it is also immoral, as the money will have to come from somewhere, and guess who will be hit with higher taxes...

$500 billion is a lot of money to drain from public coffers just when boomers are going onto Social Security and Medicare and the number of employers providing health insurance, if present trends continue, might have dropped to a virtuous handful. To cover those and other needs, Congress will either plunge us deeper into debt or increase some other levies -- payroll taxes, say -- that will come out of the pockets of the 99 percent of Americans whom the estate tax doesn't touch.

It appears as though most Democrats are poised to block this, using the filibuster if they must. But a "moderate" Republican is trying to peel off 6 or so Democrats to provide a filibuster-proof number so it can pass. If the DLC's Tom Carper is one of the 6, he should be ejected from the party. - kos diary by adigal

Comments:
I agree that yet another tax break for the wealthiest fraction of one percent of Americans is irresponsible.

But your headline betrays an unfortunate tendency among Dems to get tough with our own side when we should be getting tough with the other side.

Let's ask Mike Castle whether he supports this boondoggle.

And where is the new Treasury Secretary nominee Henry Paulson, he whom you described as being reality based? Let's put him on the spot on blowing another hole in the sinking ship that is our federal budget.
 
I'm going to have to agree. Until they show that they can keep the spending down and reform entitlements, they ought to keep this off the table. They have a few years yet to enact this permanently. I will say, however, that I know of a few family businesses that had to be sold to cover inheritance taxes, and that is a shame.
 
You stole my next blog post - thanks.
 
Your good Sen. Joe was on MTP this morning and raised his right arm in swearing to Russert that he would vote against this.

However, the highlight was when Russert asked him if he would filibuster. His response? "I'm not a good filibusterer." You could see his eyes turning brown, he was so full of it.
 
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