PRIORITIES….Let’s see now. If you were part of the Republican leadership and were working to make some tax cuts permanent, which ones would you focus on? A tax cut that lowers rates for everyone? Or one that primarily helps the super rich?
It’s a no-brainer, of course. These are Republicans we’re talking about, so their top priority is to make investment tax cuts permanent and to repeal the estate tax. The idle rich beneficiaries of the estate tax repeal are pretty obvious ? you need to inherit an estate worth several million dollars before you even start to think about paying estate taxes ? but the investment tax cuts are a little more subtle. Thus the handy chart on the right, which shows exactly who’s favored by the GOP’s cherished investment tax cuts. You can click for a more detailed explanation, but why bother? As you can see, the bars on the chart barely even register for anyone making less than a million bucks a year. That’s the tax cut the GOP is making its highest priority.
And the official explanation? According to John Kyl, “You do what you can when you can, and this is what’s queued up right now.” It’s all the fault of that damn Senate calendar! The Republican leadership is helpless in its grasp!
But not to worry. Someday soon this millionaire’s tax cut will trickle softly down onto all our heads, like a gentle rain from heaven. Someday soon.