House votes to make current estate tax permanent

By GottaLaff

Ooo, the evil "Death Tax" is permanent. And all the Republicans voted no, so it must be a great idea, despite the fact that some Dems wanted the rate to be even higher than it is now:

The House approved Thursday a measure making the current estate tax rate permanent, overcoming the objections of an unusual coalition of liberal and conservative critics.

The bill passed, 225 to 200, with 26 Democrats joining all Republicans present to vote no. It would make permanent the current estate tax rate of 45 percent, with an exemption of $3.5 million per individual. If Congress does not act, the estate tax would disappear altogether in 2010, then return in 2011 under the higher rates -- 55 percent and a $1 million exemption -- that existed before President George W. Bush took office.[...]

Some Democrats in both chambers would prefer to see higher estate tax rates, arguing that the pre-2001 levels were fair and provided the government with much-needed funds. Making the current rates permanent will take a bite out of the federal treasury, with the government estimated to lose $234 billion in revenue over the next 10 years.

Most Republicans, meanwhile, don't want any estate tax at all, opposing the concept on philosophical grounds.

Oh well. Those Rushpublic philosophers will have to find something else all deathy and negative to contemplate now.

How does the GOP ever expect to pay for anything? If it were up to them... well, it was up to them for the past several years, and look what happened.