More Than 99% Of The Kyl-Lincoln $250 Billion Estate Tax Giveaway Goes To Wealthy FamiliesThink ProgressApril 1, 2009
Sen. Jon Kyl (R-AZ) and Sen. Blanche Lincoln (D-AR) have a $250 billion proposal to cut estate taxes for the children of multi-millionaires even more than George W. Bush already did, and it’s attracting a disturbing amount of support.
Their $250 billion proposal would raise the estate tax exemption from $7 million to $10 million per-couple and lower the top rate from 45% to 35%.
While opponents of the estate tax claim rolling it back protects small farms and businesses, the Center on Budget and Policy Priorities
points out that
“only 0.2 percent of the additional cost of the proposal, relative to , would go toward tax cuts for small businesses and farms.”The rest of the cost, approximately $249.5 billion, would go to the inheritors of estates worth over $7 million. Paris Hilton, get excited.
Let’s make one thing clear: the estate tax affects a vanishingly small number of American families. Under President Barack Obama’s budget, over 99.7% of people who pass away wouldn’t pay a dime.
Apparently, however, this isn’t enough for some Senators, who would gut revenues needed for investments in health care, education and energy in order to reward the inheritors of massive estates with $249.5 billion.
(See story for more info links.)
U.S. Senate Roll Call Votes 111th Congress - 1st Session
Question:
On the Amendment (Lincoln Amdt. No. 873 )Vote Number: 146 Vote Date:
April 2, 2009, 08:19 PMRequired For Majority: 1/2
Vote Result: Amendment Agreed toAmendment Number: S.Amdt. 873 to S.Con.Res. 13 (No short title on file)
Statement of Purpose:
To create a deficit-neutral reserve fund for estate tax relief.Vote Counts: YEAs 51
NAYs 48
Democrats voting YEA:Baucus (D-MT) Bayh (D-IN) ConservaDem LeaderCantwell (D-WA)Landrieu (D-LA) ConservaDem Lincoln (D-AR) ConservaDem LeaderMurray (D-WA)Nelson (D-FL) ConservaDemNelson (D-NE) ConservaDemPryor (D-AR)Tester (D-MT)So, creating 'a deficit-neutral reserve fund for estate tax relief' is supposed to illustrate "fiscal responsibility", Bayh? While, at the same time you are doing everything you can to block President Obama's revenues for health care, education and energy?While the ranks of the struggling middle class and impoverished swell every day, protecting extreme wealth is what ConservaDem Evan Bayh and the rest of these corporatist shills view as a priority.We have some work to do in the next several elections.Bayh, Lincoln and Bennet are up for re-election in 2010. (Bayh and Lincoln are ConservaDem Leaders, so these two deserve some special attention.)
Carper, Kohl, Lieberman, McCaskill, Nelson (NE), Nelson (FL) are up in 2012.Begich, Hagan, Landrieu, Shaheen, Udall (CO) and Warner are up in 2014.