Thursday, April 02, 2009

Conservatives In Both Parties Look To Help The Rich By Cutting Estate Taxes

If I were Keith Olbermann, I'd put Sens. Kyl (R-AZ) and Lincoln (D-AR) as two of the worst persons in the world for today's show. These two Senators and their fellow supporters should be publicly shamed for what they consider a priority in their duties as Senators. Instead of backing the President and supporting sound, progressive policies, Kyl and others are focusing on reducing the estate taxes for the very wealthy.

From ThinkProgress:

Sens. Jon Kyl (R-AZ) and Blanche Lincoln (D-AR) have offered a $250 billion proposal to cut estate taxes for the children of multi-millionaires. The proposal is attracting a disturbing amount of support. In an editorial this morning, The New York Times writes that, while the nation is focused on ending the deep recession, Kyl and Lincoln’s “most pressing issue is clear: America’s wealthiest families need help. Now.” The Wonk Room’s Ben Furnas noted yesterday:

While opponents of the estate tax claim rolling it back protects small farms and businesses, the Center on Budget and Policy Priorities points out that “only 0.2 percent of the additional cost of the proposal, relative to [the Obama proposal], would go toward tax cuts for small businesses and farms.”

The rest of the cost, approximately $249.5 billion, would go to the inheritors of estates worth over $7 million. Paris Hilton, get excited.

Now of course Blanche Lincoln is from Arkansas, home of the wealthiest family in the world and I presume supporters of her and her conservative outlook on matters such as this. I expect this type of pandering to the rich from Republicans, but I loathe to see it in Democrats, even blue dogs like Blanche. Democrats need to stand up for the people, and I sincerely doubt that a majority of Arkansans want to see the Walton family getting preferential treatment before every other family in the state.