Friday, April 24, 2015

GOP passes massive tax break for millionaires, billionaires

By Steve Benen, Maddowblog
Updated 04/16/15 06:59 PM

In recent months, high-profile Republicans, sounding quite a bit like class warriors, have complained bitterly about the wealthy benefiting most from the recent economic recovery. Even House Ways & Means Committee Chairman Paul Ryan (R-Wis.), without a hint of irony, complained that recent trends point to “exacerbated inequality.” The far-right congressman added that only “the wealthy are doing really well.”

It’s genuinely impossible to reconcile Republican rhetoric and Republican priorities in light of votes like these.
The House voted Thursday to repeal the estate tax, a longtime priority of Republicans that also spurred Democratic charges that the GOP is in the pockets of the rich. […] 
The White House has threatened to veto the measure, and the bill does not appear to have the 60 votes necessary to break a Democratic filibuster and get through the Senate.
The final tally was 240 to 179, with nearly every GOP lawmaker voting for it and nearly every Democrat voting against it.

When describing Republican tax proposals, it’s not uncommon to talk about policies that disproportionately benefit the very wealthy. GOP proponents will say a bill benefits all taxpayers, but they’ll brush past the fact that the rich benefit most. This, however, is altogether different – today’s bill, called the “Death Tax Repeal Act,” quite literally benefits multi-millionaires and billionaires exclusively.

(More here.)

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