As predicted in my December 2nd thread entitled: Likely Outcome Of So Called Fiscal Cliff Negotiations, progressive GOP establishment hacks voted to raise taxes today, while at the same time, putting aside the needed cuts agreed to during the debt ceiling debate.
My (cough) representative, Senator Lindsay Graham, can be counted as one of the establishment cabal who abandoned his constituents’ wishes, with empty promises to stand on principle at some later time (yeah, right). The Senate bill is a complete disaster, loaded with tons of pork, stimulus spending and other ancillary legislative tripe. As usual, with these last minute legislative debacles, no one has had time to really dig into the bill and expose the nastiness contained within. The Full Text of HR-8 can be found here.
The new Bill raises taxes on successful businesses and families earning 400k/450k per year, respectively. This unnecessary tax hike does nothing to solve our fiscal crisis. It will barely pay for the Fed’s Hurricane Sandy bailout, much less add one cent toward solving the debt and deficit issues we have. In keeping the class warfare agenda of the Obama administration and his far left allies, these new taxes are simply an effort to punish success.
Another distasteful element of the legislation is in regards to the Estate Tax. The Estate Tax is specifically designed to punish those who have been successful over their lives and to ensure that it’s much more difficult for families to accumulate generational wealth. This is particularly difficult on small family farms and businesses.
(c) Modifications of Estate Tax-
(1) MAXIMUM ESTATE TAX RATE EQUAL TO 40 PERCENT – The table contained in subsection (c) of section
2001, as amended by section 302(a)(2) of the Tax Relief, Unemployment Insurance Reauthorization, and Job
Creation Act of 2010, is amended by striking `Over $500,000′ and all that follow s and inserting the
Over $500,000 but not over $750,000 $155,800, plus 37 percent of the excess of such amount over $500,000.
Over $750,000 but not over $1,000,000 $248,300, plus 39 percent of the excess of such amount over $750,000.
Over $1,000,000 $345,800, plus 40 percent of the excess of such amount over $1,000,000.
If you die with 500k in assets, which by the way, you’ve already paid taxes on, the Feds swoop in and steals $160k of the families assets. It is truly outrageous that any Senator or House Representative, claiming to have conservative principles, would vote for this kind of blatant Government theft.
If John Boehner does a run around of the conservative wing of the house, making a deal with the liberal Democrats, he should be labeled a traitor to the cause and ran out of the his leadership position. Making a terrible deal with the opposition, in order to raise taxes, is certainly not leadership. Far from it!
Conservatives have just been betrayed by the Senate. Let us hope we won’t be betrayed by our supposed representatives in the house.