The U.S. House voted to repeal the federal estate tax 240-179. The bill will benefit only 1% of the wealthiest Americans. The present tax structure for estates covers up to $5 million for individuals and $10 million for a couple and are exempt from taxes up to that level. That means well over 99% of Americans, including virtually all small business and family farms do not pay any estate tax.
The repeal of this tax is one more example of the conservative ideology that favors the 1%, shifts a greater share of the tax burden to working Americans and is unnecessary, especially with the economy still in recovery. The Office of Management and Budget said the elimination of the tax would add $269 billion to the federal budget deficit over a decade.
Louisiana representative Steve Scalise in the U.S. House pushed the bill forward and showed who he really represents, the 1%. Like the republic party in general, they believe in deficit spending to bankrupt the federal treasury and dislike the fact that the President has cut the deficit more than 60% since he took office. This writer believes democrats in the U.S. Senate will not allow this tax give away to become law and the President said he would veto if the bill comes to his desk.
Like the XL pipeline bill, republidans do not have the votes to over ride a Presidential veto of the estate tax bill. So the President is still challenging the republicans to be responsible elected officials in moving the country and its people forward. But republicans have no concept of political understanding. Their conservative ideology is still guided by their desire to see the President fail.
This commentary written by Joe Lorio
