H.R.8, the permanent repeal of the estate tax, is on the Senate calendar for next week. If this repeal passes, or more likely, some Democrats join in a "compromise", it will be another serious nail in the coffin of responsible government. Nowhere has the right wing spin machine been as efficient as its assault on the "death tax". The framimg of the issue as one of "fairness" by saving the "family farm" has been as masterful as it has been dishonest. The real economic beneficiaries will be the likes of heiresses like Paris Hilton, who will receive $2 billion instead of $1 billion.
Actually, I don't know the sum of her potential inheritance, but you get the point. Now, if you think we're better off as a country with her getting a spare billion, do nothing. If, on the other hand, you think that billion would be better spent; 1, providing money for college to thousands of American students, 2 feeding thousands of hungry American children, 3 or simply paying off some of our debt so our children aren't saddled with as much of our profligacy, then you'd better do something this week. There are several Democratic Senators who appear ready to roll over on this stupid idea. We must let the leadership know, in no uncertain terms, that participating in this terrible idea will result in the offending Senator's loss of standing once there is a Congressional realignment, hopefully, in the 2006 and 2008 election cycles. It is that important. Once this deed is done, going back to correct it will only result in Democrats being tarred yet again with "raising taxes". If, on the other hand, the leadership can exert discipline on Baucus (MT), Nelson (NB), Nelson (FL), Salazar (CO), Cantwell (WA), Murray (WA), Lincoln (AR), and Pryor (AR) the agenda becomes theirs once they gain back the Senate.The changed law, which is scheduled to sunset in 2010, can be addressed after the Democrats take back the Senate. Then, if there are any perceived inequities or inefficiencies, taking action will inure to the Democrats advantage.
I always thought it was admirable that Bill Gates Sr. testified before Congress that he was apposed to the repeal of the estate tax. Think about it, his grandchildren would stand to pick up an additional $25 billion through the repeal. Can you imagine how many Americans could be trained to compete in the emerging global economy for that sum? How many senior could get medicine? Oh, I hope you get the picture.
(I will say that I always cringe when I see Jack Abromoff's long tenure at Preston Gates & Ellis, where Bill Gates Sr. was the managing partner, mentioned in the press. But, the nexus between the despicable Republican lobbyist and the world's richest man is a subject for a dairy of another day)
Do the country a favor this week; call your Senator and call Harry Reid's office and tell them to stand up against this ill timed idea.