Chet Edwards Votes with the Republicans on the Estate Tax and Extension of Tax Relief Act


 

Chet Edwards Votes with the Republicans on the Estate Tax and Extension of Tax Relief Act
 


30 July 2006 at 12:03:50 PM
salon

Most Democrats were not fooled by this craven bait and switch of the Republicans to pass a minimum wage increase AS LONG AS the super-rich get exempted from estate taxes, and lots of tax breaks go to businesses. The vote was 230 to 180, with only 34 Democrats voting for it (are they too gutless to explain to their constituents how they are being taken advantage of? Wouldn't those pork fests this summer by the Democrats be a good time to do that? But don't ask Chet, because he's all for it, apparently.)

3. Estate tax /minimum wage: Passed, 230-180, and sent the Senate a bill (HR 5970) to raise the hourly minimum wage from $5.15 to $7.25 over three years and exempt all but the super-rich from federal estate taxes beginning in 2011. The federal estate tax is scheduled to vanish in 2010, then return at a 55 percent rate for estates of more than $1 million. This bill would cap the rate after 2010 at 30 percent, raise the exclusion for single payers from $3.5 million in 2011 to $5 million in 2015 and allow state-levied estate taxes to be deducted from federal obligations. The bill also provides tens of billions of dollars in targeted business, education and individual tax breaks. The bill's overall cost is projected at $300 billion-plus over 10 years.


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