Senate approves tax cuts for the rich

The Huffington Post:

Washington - The Senate on Monday voted to move forward on a a two-year extension of the Bush tax cuts as well as a package of tax cuts and credits for the middle class, ethanol subsidies and a 13 month reauthorization of unemployment insurance. The vote follows months of insistent bipartisan concern about the size of the federal deficit.

The vote is being held open to accommodate senators arriving in town, but the package already had 66 votes in favor of moving forward shortly after 4:15. Eight senators stood against the deal: Republican John Ensign (R-Nev.); Democrats Jeff Bingaman (N.M.), Sherrod Brown (Ohio), Russ Feingold (Wisc.), Kirsten Gillibrand (N.Y.), Pat Leahy (Vt.) and Mark Udall (Colo.); and Bernie Sanders (I-Vt.), who spoke for hours against the bill on Friday.

House Democrats are particularly offended by the estate-tax portion of the compromise, which funnels some $25 billion to some 6,600 families. The provision exempts the first $5 million in inheritance from taxation and reduces the rate on the rest.

Rep. Jim McDermott (D-Wash.) said he objected to the unfairness of the package. It "gives $68 billion to the trust-fund babies with security, it's going to last two years. To the unemployed, he gives $56 billion." Extending tax cuts for two years, said McDermott, while giving unemployment insurance for one, shows a legislative chamber with its priorities far askew.

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