Skip to main content

Up until now the debate over whether the Senate Conservadems would actively try to undermine Barack Obama's agenda and act to pass financially irresponsible Republican-led legislation was largely academic, as they hadn't made actual votes in line with their new Conservadem strategy.

Well, the debate is over.

Ten Democratic Senators just voted in favor of a reckless, indefensible and supremely financially irresponsible amendment aimed at slashing the estate tax for a tiny sliver of multimillionaires.

... More after the fold ...

[Cross-posted at Library Grape.]

As Think Progress reports:

Sens. Jon Kyl (R-AZ) and Blanche Lincoln (D-AR) recently introduced a $250 billion amendment to slash estate taxes for the heirs of multimillion-dollar estates. Yesterday, the Senate narrowly passed the bill by a 51-48 vote. Joining Republicans in approving the bill were ten Senate Democrats.

As the New York Times explained, under Obama’s budget, "99.8 percent of estates will never — ever — pay a penny of estate tax. The heirs of the remaining 0.2 percent of estates are who Ms. Lincoln and Mr. Kyl are so worried about."

As I highlighted in an earlier post:

The proverbial millionaires next door — the plumbers, contractors and accountants who amass substantial wealth through hard work and modest living — are not the intended beneficiaries of the proposed cut. The Obama budget already takes care of them, because it retains today’s law, which imposes the estate tax only on couples with property worth more than $7 million, or individuals with property worth more than $3.5 million. That means 99.8 percent of estates will never — ever — pay a penny of estate tax. The heirs of the remaining 0.2 percent of estates are who Ms. Lincoln and Mr. Kyl are so worried about. Their amendment would increase to $10 million the level at which the estate tax kicks in. It would also lower the top estate-tax rate to 35 percent from 45 percent.

At a time of severe economic crisis, the Conservadems chose to voice their support for dumping $250 billion out of the federal coffers to benefit the heirs of the wealthiest of the wealthy in this country.

At least we now know the following Democratic Senators are more interested in protecting the interests of the powerful and wealthy rather than the other 99.8% of the country:

Baucus (D-MT), Bayh (D-IN), Cantwell (D-WA), Landrieu (D-LA), Lincoln (D-AR), Murray (D-WA), Nelson (D-FL), Nelson (D-NE), Pryor (D-AR), Tester (D-MT)

I suggest you write to these fine upstanding Senators to make your opinion heard.

Originally posted to monitor on Fri Apr 03, 2009 at 11:53 AM PDT.

Poll

What other innvative things can the conservadems work to help the rich and sink the progressive agenda?

2%2 votes
5%4 votes
5%4 votes
6%5 votes
4%3 votes
4%3 votes
1%1 votes
66%50 votes

| 75 votes | Vote | Results

EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site