http://blogs.usatoday.com/oped/2009/04/our-view-on-rewarding-the-wellborn-what-deficits-or-wealth-gap-congress-eyes-estatetax-cut.html#more In recent weeks, members of Congress from both parties have expressed righteous indignation over bonuses paid to wealthy executives at some financial institutions. Many lawmakers have also deplored the ballooning federal deficit.
So what do they do when they're not sounding off like this? Would you believe they're eyeing $100 billion in tax cuts over 10 years for the very wealthiest Americans?
That's what the Senate proposed when it voted earlier this month to cut the estate tax. Under its plan, the first $10 million of inherited wealth passed on by a couple would not be taxed at all, up from the current $7 million exemption. Above that level, the tax rate would go down to 35% from the current 45%.
The move to cut the estate tax is a mind-boggling testament to some lawmakers' lack of seriousness about fiscal responsibility, not to mention their solicitude toward moneyed interests and donors. At a time of great economic distress, record deficits and levels of wealth concentration not seen since the early 20th century, further rewarding the well-born should be a non-starter. Yet 10 Senate Democrats joined 41 Republicans in an expression of support for the rate cut.
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