Estate Tax Cut Blocked

GOP Bid On Wages, Estate Tax Is Blocked
Democrats Prevent Vote on Senate Bill

By Charles Babington

Washington Post Staff Writer
Friday, August 4, 2006; Page A01

Senate Democrats blocked a Republican bid to combine a tax cut for the wealthy with a wage increase for the working poor last night, adding a volatile economic issue to this fall's congressional campaigns.

GOP leaders fell three votes short of the 60 needed to cut off debate and bring the package to the Senate floor, where it was considered certain to pass on a simple-majority vote. Republicans said Democrats will pay a price in November, contending that most Americans support the bill's call for an increase in the minimum wage and deep cuts in the estate tax.

But Democrats said rich Americans have received enough breaks from the Bush administration and the GOP-led Congress. Voters, they said, will see the Republican-backed bill as a ploy to further enrich upper-income families while trying to usurp the Democrats' role as champions of the working poor.

Under the bill, "8,100 of the wealthy and well-off hit the jackpot, while millions of working families get $800 billion in [federal] debt," said Minority Leader Harry M. Reid (D-Nev.), who led the opposition to the measure. more

I don't have a problem with the estate tax being cut. I do however have a problem with the estate tax being cut in a time of record deficits. By doing so now will only further increase the deficit. Once the deficit is gone, we have surpluses (Remember surpluses?), and social security is fixed then we can talk about cutting the estate tax.

E.J. Dionne Jr. surmises in the WaPo that this marks The End of the Right and Midtopia has a great post regarding his article.