WSJ Reports on a Rare Semi-Victory for the Free Market in the Senate:
We’ll take pro-growth victories wherever we can find them these days, and last week saw a small one in the U.S. Senate, of all places. The Members voted 51-48 to cut permanently the death tax rate to 35% and exempt all estates of less than $10 million per couple ($5 million for a single taxpayer) from any tax. President Obama wants a 45% rate with only a $7 million exemption.
Every Republican voted for the lower rate, and so did 10 Democrats.
Ideally, the Death Tax should be zero, and gazillionaires like Warren Buffett and Bill Gates Sr will still dodge the tax with the aid of their estate planning mega-lawyers and lobbyists. But Democrat Majority Leader Harry “Granny Clampett” Reid was nevertheless incensed at the notion the state would be denied its pound of flesh.
Majority Leader Harry Reid blew a gasket during the floor debate, calling the death-tax amendment by Jon Kyl (R., Ariz.) and Blanche Lincoln (D., Ark.) “outrageous,” a “stunning act of hypocrisy,” and a tax cut for those “at the very top of the food chain.”
Then he actually said: “We can only turn the page from recession to recovery if we watch every single taxpayer dollar the way families watch every dollar in their budget.”
Yes, the senator majority leader who pushed through $700 Billion in TARP spending, a $787 Billion Porkulus, a $410 Billion spending bill with 9000 earmarks… deigns to lecture Republicans on fiscal responsibility.