The Senate failed to pass a Republican bill extending the Bush tax cuts for all Americans. Instead, the Senate passed a Democratic bill extending the Bush tax cuts only for those making less than $250,000. It has no chance of passing in the House.
The Democrats left the estate tax out of their bill. If the Bush cuts expire at the end of the year, the estate tax will increase to 55 percent. I heard Senate Republican leader Mitch McConnell whining about the estate tax going up. Said McConnell on the Senate floor: “A vote for the Democrat plan is a vote to put these farms and ranches out of business.”
Hey Mitch, why didn’t you Republicans permanently repeal the estate tax when you controlled both Houses of Congress for over four years with a Republican president that the tax cuts are named for? And you expect us to take you seriously now when you could have done something beneficial and important when you had the chance?
5:27 pm on July 25, 2012
