What angers the Democrats? The estate tax, or rather the repeal of it. Bush suspended it entirely, but Obama has it returning in 2011 at a rate of 55%. The GOP whittled it down to 35% in this latest deal. But the Dems are having a conniption about it not being the higher rate.
Isn't it morally despicable to tax the accumulated wealth - on which taxes were already paid - of a dead person?
The Democrats have no shame.
Angry Democrats Could Punt on Tax Cuts Deal - FoxNews.com:
"Under current law, the estate tax, which was
repealed for 2010, is scheduled to return next year with a top rate of 55 percent. Obama's package would set the top rate at 35 percent, and each spouse could exempt up to $5 million from taxation.
Overall, officials said, the plan could increase federal borrowing by $900 billion.
The lower estate tax emerged as the biggest obstacle among many House Democrats. Pelosi called it 'a bridge too far.'
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