Republicans Pass Tax Cut For Rich That Blows Up Deficit
The Republican House voted to repeal the estate tax, a bill which, if law, would increase the deficit would increase the deficit by $270 billion.
Apparently, repealing the Paris Hilton Tax is something that desperately needs to be done. Right now, it only applies to inherited assets worth $5.4 million or more, not your Teabilly uncle’s double-wide, but listening to them talk, you wouldn’t think that.
Republican Georgia Representative Tom Graves said of the repeal, “It’s past time to repeal this unacceptable tax. Every American deserves the ability to pass their life’s savings to their kids.”
That’s right; everyone loves Paris Hilton, Perez Hilton, and Kim Kardashian, right? They worked so hard for their fortune. It’s time to get rid of the Paris Hilton Tax once and for all. Those 5,400 estates, or 0.2% of taxpayers, need this relief. These are desperate times; they might be forced to sell that second home.
And you wouldn’t want them second homeless, would you? Then they’d be stuck with just one home, and what kind of monster does that to aristocrats? They’re sensitive souls, the vast majority of whom don’t even work for an honest wage, but instead live off their investments and government handouts.
Reuters notes that repealing the tax would boost the federal deficit by $269 billion over 10 years, so the deficit hawks are all over this unacceptable government handout, right? Right? Buller?
Even if it does pass the Senate, Obama has threatened a veto, and the Senate needs a two-thirds majority it doesn’t have in order to override said veto.