In One Eye

Tuesday, April 12, 2005
Dr. Marshall points out this alarming article:
[W]hat are the Republicans who run the U.S. House of Representatives planning to do tomorrow? Give the Paris Hiltons of this world not just another tax cut, but a complete free ride from taxation of the riches they never earned. It would almost be funny if it were not so serious a matter.

Specifically, the House is voting to make the total elimination of the federal inheritance tax, now scheduled to occur in 2010 and then vanish in 2011, permanent. This would boost the federal budget deficit by an estimated $290 billion through 2015; and by $745 billion through 2021. Add in the interest costs of borrowing the funds to pay for this measure, and the true ten-year cost is nearly $1 trillion.
The economic decisions of the Republicans just get scarier and scarier. Do they really think there'll be money left for any kind of government services in twenty years? It's clear that Medicare and all the other beneficial programs are lost causes, but will the nation be able to keep up its interstate highway system (to name just one example) if the plutocrats keep cutting revenues?