Charles Taylor, Robin Hayes, and the Republican Party (along with 34 unprincipled Democrats) skulked into the chamber last night, well after every decent American had gone to bed, and offered up an immense tax cut to the wealthiest people in the nation. The vote was 230 - 180.
"H.R. 5970: to amend the Internal Revenue Code of 1986 to increase the unified credit against the estate tax to an exclusion equivalent of $5,000,000, to repeal the sunset provision for the estate and generation-skipping taxes, and to extend expiring provisions, and for other purposes
Motion to reconsider laid on the table Agreed to without objection."
The Congress that would not consider giving $2 to minimum wage Americans just gave Paris Hilton $91,089,200.
David Grossman at MyDD explains the bill using Paris Hilton's estate as an example. This first set of figures is what Paris Hilton would pay under the old law:
First $250,000 @ 41% = Tax of $102,500
Second $250,000 @ 43% = Tax of $107,500
First $500,000 @ 45% = Tax of $225,000
Second $500,000 @ 49% = Tax of $245,000
Third $500,000 @ 50% = Tax of $250,000
$7,184,000 @ 60% = Tax of $4,310,400
$338,816,000 @ 55% = Tax of $186,348,800
Total tax = $191,589,200
PARIS INHERITS $158,410,800
The next set of figures is what Paris Hilton will pay if the Senate also approves this bill:
First $20,000,000 @ Capital Gains Tax Rate (currently 15%) = Tax of $3,000,000
Balance of $325,000,000 @ 30% = Tax of $97,500,000
Total tax = $100,500,000
PARIS INHERITS $249,500,000
Charles Taylor and Robin Hayes could not vote on this bill during the work week. They had to sneak into the chamber on a weekend, during the slowest part of the news cycle when they think no one is paying attention. They are ashamed to let people know they support giving Paris Hilton $91 million while refusing to give working people two dollars.
Their votes are shameful reminders of why both Congressmen have failed their constituencies. Preferring wealth to justice, the two men stand to gain a great deal themselves from a repealed estate tax. Both men would short change the nation that enriched them in order to finance their shady business deals.
This is a good place to start on Monday morning. If the spirit moves you, write a letter to the editor. The more people who know about this the better, and there's no way Hayes or Taylor should get off the hook. They tried to hide their craven disdain for the poor and love for the very rich (themselves included) by having a vampire vote that will significantly reduce tax revenue during a time of the greatest deficits in American history. They do not get a pass. Senator Edwards may be interested in helping the voters of NC-08 and NC-11 understand that these incumbents always vote against the poor while licking their lips in anticipation of the windfall to come.