Now, c’mon, this is entirely absurd. We already have the widest gap between rich and poor in many generations. Republicans (and some Democrats) are trying to cut the Administration’s proper and wise investments in infrastructure and wise energy efficiency programs. And, in the midst of all that, the Senate does what? Votes to cut the estate tax (which effects only the richest Americans) thanks to the votes of ten Senate Democrats. This is the definition of insanity.
By a vote of 51-48, the Senate approved an amendment by Senators Blanche Lincoln (D-AR) and Jon Kyl (R-AZ) to raise the exemption on estate tax threshold to $5 million for individuals and $10 million for couples and cut the tax for anyone over that threshold from 45 percent to 35%. The cost: about $100 billion over ten years.
Here was the vote (with the moronic Democrats in bold):
YEAs —51
Alexander (R-TN)
Barrasso (R-WY)
Baucus (D-MT)
Bayh (D-IN)
Bennett (R-UT)
Bond (R-MO)
Brownback (R-KS)
Bunning (R-KY)
Burr (R-NC)
Cantwell (D-WA)
Chambliss (R-GA)
Coburn (R-OK)
Cochran (R-MS)
Collins (R-ME)
Corker (R-TN)
Cornyn (R-TX)
Crapo (R-ID)
DeMint (R-SC)
Ensign (R-NV)
Enzi (R-WY)
Graham (R-SC)
Grassley (R-IA)
Gregg (R-NH)
Hatch (R-UT)
Hutchison (R-TX)
Inhofe (R-OK)
Isakson (R-GA)
Johanns (R-NE)
Kyl (R-AZ)
Landrieu (D-LA)
Lincoln (D-AR)
Lugar (R-IN)
Martinez (R-FL)
McCain (R-AZ)
McConnell (R-KY)
Murkowski (R-AK)
Murray (D-WA)
Nelson (D-FL)
Nelson (D-NE)
Pryor (D-AR)
Risch (R-ID)
Roberts (R-KS)
Sessions (R-AL)
Shelby (R-AL)
Snowe (R-ME)
Specter (R-PA)
Tester (D-MT)
Thune (R-SD)
Vitter (R-LA)
Voinovich (R-OH)
Wicker (R-MS)
NAYs —48
Akaka (D-HI)
Begich (D-AK)
Bennet (D-CO)
Bingaman (D-NM)
Boxer (D-CA)
Brown (D-OH)
Burris (D-IL)
Byrd (D-WV)
Cardin (D-MD)
Carper (D-DE)
Casey (D-PA)
Conrad (D-ND)
Dodd (D-CT)
Dorgan (D-ND)
Durbin (D-IL)
Feingold (D-WI)
Feinstein (D-CA)
Gillibrand (D-NY)
Hagan (D-NC)
Harkin (D-IA)
Inouye (D-HI)
Johnson (D-SD)
Kaufman (D-DE)
Kennedy (D-MA)
Kerry (D-MA)
Klobuchar (D-MN)
Kohl (D-WI)
Lautenberg (D-NJ)
Leahy (D-VT)
Levin (D-MI)
Lieberman (ID-CT)
McCaskill (D-MO)
Menendez (D-NJ)
Merkley (D-OR)
Mikulski (D-MD)
Reed (D-RI)
Reid (D-NV)
Rockefeller (D-WV)
Sanders (I-VT)
Schumer (D-NY)
Shaheen (D-NH)
Stabenow (D-MI)
Udall (D-CO)
Udall (D-NM)
Warner (D-VA)
Webb (D-VA)
Whitehouse (D-RI)
Wyden (D-OR)
Let’s quickly review the issue of the estate tax. The tax only effects a few thousands very wealthy people. As the Citizens For Tax Justice pointed out several years ago:
In 2003, 2,448,288 Americans died. But only 30,276 of these decedents left behind enough to owe any federal estate tax in 2004 (when returns were generally due). This handful of taxable estates paid $21.6 billion in federal estate taxes.
The 30,276 taxable estate tax returns represented just 1.24 percent of all the people who died in 2003.
Most of the $21.6 billion in federal estate taxes was paid by a tiny number of the very largest estates. The 520 taxable estates worth over $20 million paid more than a quarter of the 2004 estate taxes. And the 3,494 taxable estates worth over $5 million—0.1 percent of decedents—paid 62 percent of all federal estate taxes.
And almost three years ago, it was revealed that, far from being a "grassroots" movement for small farmers and oppressed small business, the campaign was funded by a secret cabal of extremely wealthy people, including the Wal-Mart family.
So, this is simply a pay-off to rich campaign contributors.
Have these Democrats lose their minds?
I would add one last political point: if you are looking for the votes that might undercut the Employee Free Choice Act or national health care (read: let’s do what the big private insurance companies want), you can just sift through the ten Democrats who voted for this tax give-away to the wealthy.
