Friday, July 28, 2006

Minimum Wage Increase = Estate Tax Cut (900th post!)

If you're going to boost the the minimum wage such that people making it are less below the poverty line than they were before, it's only fair to show a little love to the rich right?

The House moved last night toward voting on a major overhaul of the nation's pension laws and a bill that would combine a $2.10 increase in the minimum wage with a deep and permanent cut to the estate tax, hoping the mix would garner enough Democratic support in the Senate to become law.

Democrats are apparently not that eager to be made fools of:

Democrats were incensed that the GOP leadership would couple the first raise in the minimum wage since 1997 with an estate tax cut that would reduce federal revenue by $268 billion over the next decade, to the overwhelming benefit of the country's richest families. Rep. George Miller (D-Calif.) called it "a very cynical, a very cruel effort." Senate Minority Leader Harry M. Reid (D-Nev.) signaled he will try to scuttle the tax bill next week.

"Republicans have made perfectly clear who they stand with and who they are willing to fight for: the privileged few," he said.

Well yes, but that's the point. After all, the people paying for these cuts want a return on their ivnestment.

Anyway, I doubt this bill has a shot in hell of getting through. The Republicans' lack of concern with poor people (see Katrina, running of the country for the last six years, etc.) is far too good of a campaign issue for the Dems to let go of on this silly measure. Republicans will just have to pass a minimum wage increase by itself, and face the dire consequences.


James said...

I love that even though they are couching it as a wage increase, the ost important thing to them is the changes to the estate tax. Have to show the love to the millionaires, right?
The Dems would be fools to take it.

Nat-Wu said...

This is one of the most blatant demonstrations of Republicans' servitude to the special interests that they so deride Democrats for. It shows exactly where Repubs' loyalty lies, and not surprisingly, it happens to be with the rich folk. This is what happens when you get a party heavily weighted with people who won't think for themselves.