GOP passes massive tax break for millionaires, billionaires

[KamaAina]

http://www.msnbc.com/rachel-maddow-show/gop-passes-massive-tax-break-millionaires-billionaires

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.”...

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.

It’s not an exaggeration to say House Republicans, en masse, voted for a $269 billion giveaway to the top 0.2%. Under the plan, GOP lawmakers, who occasionally pretend to care about “fiscal responsibility,” would simply add the entire $269 billion cost to the deficit, leaving future generations to pay for a massive tax break for the hyper-wealthy....

Even by contemporary GOP standards, today’s vote is pretty obscene. At a time of rising economic inequality, House Republicans have prioritized a bill to make economic inequality worse on purpose. At a time in which much of Congress wants to make the deficit smaller, House Republicans have prioritized a bill to make the deficit much larger.

Well, it's about time that do-nothing Congress lifted a finger to help the rich! Especially those poor, put-upon billionaires!

[randys1]

1. This is why there might be no reason to even care anymore.

I mean if tens of millions of poor and lower middle class Americans are CHEERING this, then we are done

[haikugal]

2. So they continue to impoverish both our government and ourselves..

Despicable actions by the greedy pawns!

[OKNancy]

3. This article is from April

[delrem]

5. April! That's way way beyond my retention span.

Down the memory hole it goes!

Listen up, DU - my retention span is average 2 days, 2 weeks max!

Except if it's a picture of a cat.

[OKNancy]

6. Obama will probably veto it - FWIW, last time

they did this Pres. Clinton used a veto on it.

http://www.politicususa.com/2015/04/14/white-house-rips-republicans-obama-vows-veto-3-million-tax-cut-millionaires.html

[delrem]

8. Yes. Obama isn't stupid!

I like Obama, I felt a burden being lifted when he was elected and was there in spirit with the millions cheering his election and re-election. Tho' I don't like all that Obama has done, there's simply no comparison to what came before and to the ridiculously awful alternatives.

But how was that your point about "April"?
I still don't get your point, whatever it was.

[OKNancy]

9. The article and the vote on the tax occurred in April

The Senate voted in March, the House in April. It's old news.

[delrem]

10. So my response stands (and your 1st response to me - I'll forget it!)

I simply don't have an attention span for "old news"!
I want a 2 day max limit, but will be satisfied by 2 weeks. No more!

WTF do I care about the past? Nothing!

eta: 2 weeks max for GD, but 1 day for LBN, and for me even that's a stretch!

[Agnosticsherbet]

4. This is another of those stunt bill that exists only as a campaign advertisement and fund raising tool.

It can not pass the Senate, and would be vetoed, if it did, and there are not sufficient votes to over ride a presidential veto.

As such, it is a stunt. The millions of Republicans who were suckled at the breast of low taxes, and the wealthy who donated the big bucks, are being targeted.

Republicans are particularly bad about putting up stunt bills they know will not pass so their memebers can claim, "I voted to lower taxes" or "I voted to repeal Obamacare."

Don't get me wrong, those onthe left do this too, write bills that they know will never even make it out of committee for use as free campaign ads.

It is a cheap form of advertisement, done on government expense.

I don't like it, no matter who dose it. It's a damned waste of time and money.

[OKNancy]

7. It already passed the Senate first. - in March

http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=114&session=1&vote=00114

[Agnosticsherbet]

12. See Response #7 - The House and Senate Bill are not the same. MSNBC is correct.

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.

[OKNancy]

14. Thursday April 16th

but you are correct the Senate didn't vote on it.

[Agnosticsherbet]

13. The House Bill H.R. 1105 is not the same bill as the Senate vote.

The Senate vote does this.
"Statement of Purpose: To establish a deficit-neutral reserve fund to allow for the permanent elimination of the Federal estate tax."

It sets up a fund but does not repeal the inheritance tax

The House bill:
(Sec. 2) This bill amends the Internal Revenue Code to repeal the estate and generation-skipping transfer taxes for estates of decedents dying or for transfers made on or after the enactment date of this Act. In the case of assets placed in a qualified domestic trust by a decedent who dies prior to the enactment of this Act, the current estate tax will not apply to: (1) distributions from such trust before the death of a surviving spouse made more than 10 years after the enactment date of this Act, and (2) assets remaining in such trust upon the death of the surviving spouse.

[davidn3600]

11. Yeah but then it will trickle down to the little people and make jobs!!!!