Tag: Estate Tax

Estate of Confusion.

Pathetic…these guys really have no shame. In yet another desperate and disgusting bid to pamper the rich by stealing from the poor, Catkiller Frist and the Senate GOP try to game the Senate Dems into backing a repeal of the estate tax by coupling it with a long-overdue minimum wage hike. To put this ploy in perspective, a recent report “concluded that the estate tax reduction would cut government income by $753 billion in the first 10 years, forcing lower spending for Medicaid, food stamps and unemployment insurance, which help low-wage workers.” Update: Thankfully, the bill failed on a 56-42 cloture vote, three shorts shy of the necessary 60 (Catkiller switched his vote to enable reconsideration later.)

And, in quite related news, new Treasury Secretary Henry Paulson admits the Dubya economy has been leaving people behind: “‘Many aren’t seeing significant increases in their take-home pay. Their increases in wages are being eaten up by high energy prices and rising health care costs, among others.’“

Minimum humanity…

Forced to capitulate somewhat on the estate tax in the House, the Republicans nevertheless illustrated anew their grotesque economic priorities in the Senate by voting down a raise in the minimum wage (Still at $5.15, it hasn’t been raised in nine years.) “Just last week, the House rejected an effort to block a $3,300 annual increase in the base salary for a member of Congress. If the raise goes through, rank-and-file members will earn $168,500 — a $31,600 increase since the last minimum-wage increase was enacted in 1997.“

Estate of Denial.

“‘The entire fiscal landscape has been transformed in the last week…The entire Republican agenda of tax cuts, Social Security reform and big spending on pet Republican projects is over. Events do eventually have an impact on Capitol Hill.'” The Congressional GOP confront the realization that they’ll likely be forced to postpone their ill-advised tax cut dreams in light of Katrina. Nevertheless, Catkiller Frist is undeterred, and still plans to attempt a repeal of the estate tax when Congress convenes next week…cause, y’know, the nation’s millionaires are suffering. Update: Frist backs down (for now.) AP and the NYT has more.

The First Estate.


Ever beholden to their wealthy masters, the House GOP try once again to permanently eliminate the estate tax. Thankfully, this probably won’t pass the Senate, but you’d think someone on the Republican side of the House would remember the days of true conservatism and start thinking about balancing the budget, rather than granting further handouts to the filthy rich. A long shot, I know, particularly when you take a gander at the GOP economic team these days. (Ah, fun with Photoshop.)

Credit Denied.

Despite growing GOP support in the Senate, Tom De Lay refuses to consider an increased low-income child tax credit in the House unless it includes more schwag for the filthy rich, such as an estate tax repeal. Speaking of which, new analyses of the Dubya debacle suggest that the middle class will end up footing the bill while the wealthy frolic. So much for “trickle-down.”