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The Money Party: Permanent Estate Tax Cuts


Well, this is brilliant:

The House will vote next week, Wednesday at the earliest, on estate tax legislation from Rep. Earl Pomeroy (D., N.D.), according to a schedule released by House Democratic leaders.

The Pomeroy bill would make permanent a 45% rate on inherited wealth, with the first $3.5 million exempt from the tax. Without congressional action, the tax will be repealed in 2010 and return in 2011 at a 55% rate with a $1 million exemption.

The Pomeroy legislation, backed by President Obama, would cost $233 billion over the next 10 years since it represents a tax cut when compared to current law. House Democrats earlier this year agreed that the cost of the bill would not have to be paid for--as long as Congress passes a law to make sure new discretionary spending or tax cuts are paid for in the future.

Glad to see our Democratic President so resolutely in favor of welfare for the rich. In the meantime let's gut Sarbanes-Oxley and while we're at it, gut Social Security and Medicare to pay for our shiny wars that will make the world safe for rich Americans.


Sean Paul Kelley December 1, 2009 - 1:44pm
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( categories: Economics: USA )

Rapacious greed

These people are simiply animals, the lowest form of predatory and rapacious creatures. Pardon me for being in a really foul mood but my individually purchased health insurance (from an out of state company) just went up 20% and I just saw a report that premiums for the self employed buying quantity one (or family like I do) will go up 10% under the new "reofrm". If the pre-existing conditions clause works, I can do much better buying in state but I'm taking bets at 3 to 1 that it won't.

The estate tax breaks supported by Obama are simply another reflection of the total sell out of the U.S. middle class by the Democrats. This bill will pass. It is a giveaway of ready revenue and it perpetuates an unfair policy of Bush. So naturally Obama supports it.

We have a new war in Afghanistan, ongoing meddling around the world (e.g.Columbia), FISA in place, a renewal of the Patriot Act coming up, no foreclosure relief bill, no credit card cap, more giveaways to Wall Street welfare queens, nothing real on the environment, and, God forbid, not one single thing on jobs.

Mission accomplished for The Money Party. They bought a president to continue the looting that was brought on by enabling acts created by the last charming Democratic president on his way out the door.

The Republicans are the party of serfdom. The Democrats are now in tow and offer nothing less. This is totally unacceptable.

Thanks SP for this very important reminder of our current troubles.

Michael Collins December 1, 2009 - 2:35pm
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We worked like hell for this?

Seriously. It's time for an open revolt on Obama.

It think MoveOn is starting to get a clue wrt the Afghanistan quagmire.

As much as I've been biting my tongue on health reform, this is just outrageous.

Why do they think this will make the super rich vote Dem? This is a sop to reactionaries that won't pay off in votes.

If he's going to be a one termer, why not go tilt toward progressive legislation?

What the hell does this guy - and congress, not understand about Repubs? They're not going to vote for him!

KingElvis December 1, 2009 - 4:09pm
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Votes are soooo 20th century

I reckon this is about money, quid pro quo.

chalo December 1, 2009 - 4:42pm
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lol

You're right though, entirely. They don't care about our opinions. They don't have to. There's one game in town now on voting. It's called
ES&S. They bought competitor, Diebold, for a cool $5 mil and now will take and count 85% of US votes. One stop shopping to assure the continuation of "stability and order."

"We pretend to vote, they pretend to get elected" should be the new motto (borrowed from the Solidarity Polish union workers who said "We pretend to work, they pretend to pay us.")

Michael Collins December 1, 2009 - 5:44pm
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I agree. Pretty outrageous.

3.5M exemption? That must be the average value of property Congressmen leave to their kids. Just a guess.

creativelcro December 1, 2009 - 6:23pm
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