TPMDC
Democrats Demanding Entitlement Reforms Voted To Blow Hole In Budget With Estate Tax Cut
Sen. Evan Bayh (D-IN)
Share
Send to a friend!
Yesterday, I posted this letter, signed by a dozen moderate and conservative Democrats, which raises concerns about the national debt. Many in the party are now demanding that the government get serious about entitlement cuts, and they say they're dead serious.
But at least two of the signatories to the letter--Sens. Bill Nelson (D-FL) and Evan Bayh (D-IN)--haven't been shining examples of fiscal probity this Congress. This spring, when Congress was hashing out its budget, both senators voted for an amendment, sponsored by Sens. Jon Kyl (R-AZ) and Blanche Lincoln (D-AR), that would have slashed the estate tax for multimillionaires.
According to the Center for Budget and Policy Priorities, the measure would've blown a $250 billion hole in the budget. Keep that number in mind for one moment. Because the letter warned, "Deficits and debt matter for everyone. In 2008, the American taxpayer paid more than $250 billion to our creditors in interest payments alone." [Emphasis in the original.] Oh cruel irony.
To be fair, the Lincoln-Kyl amendment's price tag would've been spread out over 10 years. But still: How does one square a vote to diminish the estate tax with fiscal discipline? I'll ask today.
Comments (13) | Join the Conversation!
Leave a comment
Follow us!
Most Popular
TPM Stories Now Surging on Digg.com
TPM Top News
© 2010 TPM Media LLC. All Rights Reserved.
Why oh why
December 1, 2009 10:04 AM
Thanks Brian for asking that question, because the clowns/TV "journalists" sure won't do it, when the Bayhs of the Senate dub themselves "fiscal hawks".
Just don't hold your breath for an answer...
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Xantar
December 1, 2009 10:28 AM
As annoying as Kent Conrad is sometimes, he's at least consistent in his deficit hawkishness. He voted against this cut to the estate tax.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
The Commenter Formerly Known as NCSteve
December 1, 2009 10:32 AM in reply to Xantar
Sometimes?
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
rover27
December 1, 2009 2:47 PM in reply to The Commenter Formerly Known as NCSteve
He also voted for the Republican 2003 Medicare Privatization..er..Prescription Drug bill that was not paid for and has voted for every farm subsidy bill that's ever come up.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
bill
December 1, 2009 10:34 AM
It's too long, we've accepted lies and hypocracy as a given for all politicians. Let's please sound out the hypocrites and publicize their lies. More reporting in this vein would be very helpful. Thank you.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
bill
December 1, 2009 10:35 AM
It's too long, we've accepted lies and hypocracy as a given for all politicians. Let's please sound out the hypocrites and publicize their lies. More reporting in this vein would be very helpful. Thank you.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
The Commenter Formerly Known as NCSteve
December 1, 2009 10:37 AM
This should be priceless.
For betting fans, I'm giving short odds that their answers will be either:
a) totally ignore the deficit part of the question and, instead, portray an estate tax that kicks in at seven million as an intolorable burden on family farms and small businesses;
2) go for the full double reverse Republican economic magic thinking flip and claim that an estate tax that kicks in at seven million actually reduces total tax revenue by suppressing job creation by hard pressed small businesses.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Xantar
December 1, 2009 10:47 AM in reply to The Commenter Formerly Known as NCSteve
Heh. I actually work at a law firm that deals mostly with estate tax for wealthy clients. Interestingly, my boss doesn't really care what Congress does with estate tax laws so long as the estate tax doesn't get abolished entirely. So long as it's there, he'll have clients trying to prevent their money from going to the government at their death.
Actually, the more estate tax laws change from year to year, the more business he gets because then he gets to send out promotional materials saying, "How the latest act of Congress could affect your estate. Come to me for a consultation." So actually, keeping the estate tax in place and messing around with it now and then could arguably create jobs.
On another note: "a)" and "2)"?
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
The Commenter Formerly Known as NCSteve
December 1, 2009 11:37 AM in reply to Xantar
It's like Calvinball. The score is still Q to 26.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Bill From PA
December 1, 2009 12:17 PM
Alright, before I get upset over nothing, answer me this: They're talking about achieving 'reform' by passing a bill, which, acording to HCR logic will require 60 Senate votes, correct? And in the event this bill sails through both houses, Obama can veto it, true? I understand how a few a$$wipes can obstruct legislation, much as a colon can be obstructed by impacted feces, but how can this small number force through a measure that threatens the 'third rail', Social Security?
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
The Commenter Formerly Known as NCSteve
December 1, 2009 5:12 PM in reply to Bill From PA
They're threatening to join a Republican filibuster of the bill to raise the national debt limit, thereby causing the U.S. to default on its obligation which, in turn, would trigger a global economic apocalypse that would make last October look like a bump in the road if they don't get their way.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
mjshep
December 1, 2009 12:20 PM
In the interest of keeping gross vulgarity and egregious expletives out of this thread I will not comment on Evan Bayh.
I will say that Obama even had him on the short list for VP speaks volumes of not very good things about Obama.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
ondioline
December 1, 2009 1:55 PM in reply to mjshep
While I feel similarly about the close proximity of the name "Evan Bayh" and all manner of expletives, you went somewhere kinda silly there at the end...
If you go to a restaurant that has a robust salad bar and a whole page full of vegetarian options on their menu, can you claim to have made a healthy choice by ordering loaded potato skins and a triple cheeseburger?
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?