Senate Passes Tax Cuts For The Rich

It's just been a few days since President Obama capitulated to the Republican Party and agreed to continue the massive Bush tax cuts for the rich for another two years.   The "compromise" the president agreed to would also cut the estate tax rate and make it apply only to those estates of over $5 million (0.2% of estates), and a cut of funds being paid into the social security system.   The Republicans threw the president a rather meatless bone by allowing a 13 month extension of unemployment benefits.

Now the rich are halfway to receiving their huge (and unnecessary) windfalls.   Yesterday the United States Senate considered the tac cut bill and approved it.   I wish I could say it was due to the Republicans and the Democrats refused to go along with this enormous giveaway to the rich -- but that is not true.   The bill was approved overwhelmingly by a vote of 81 to 19, and majorities of both parties voted to approve the bill.

Five Republicans (DeMint, Coburn, Voinovich, Sessions, and Ensign) voted against the bill.   They were either opposed to the unemployment extension, having any kind of estate tax, or wanted the tax cuts for the rich to be permanent (or all three).   But you can bet they weren't really opposed to the massive monetary gift to the richest Americans (even though they loudly complain about the deficit and this gift to the rich will greatly increase that deficit).

But there were thirteen Democrats and one Independent who had the courage to stand up for fiscal sanity and progressive values.   They voted against giving the richest 2% of Americans even more money while most Americans are still suffering in this seemingly never-ending recession.   Here are the fourteen senators who showed some real political courage (even though it was in a losing cause):

Sanders (I-Vermont)
Bingaman (D-New Mexico)
Dorgan (D-North Dakota)
Feingold (D-Wisconsin)
Gillibrand (D-New York)
Hagan (D-North Carolina)
Harkin (D-Iowa)
Lautenberg (D-New Jersey)
Leahy (D-Vermont)
Levin (D-Michigan)
Merkley (D-Oregon)
Udall (D-Colorado)
Udall (D-New Mexico)
Wyden (D-Oregon)

Now the bill goes to the House of Representatives, and it is very likely that it will be approved there also.   Although there is more Democratic unhappiness in the House over the Obama capitulation, there are probably not enough votes to stop the bill.   The best that could be hoped for (and it's a long shot) is that House Democrats will amend the bill (and the most likely amendment would lower the estate tax level from $5 million to $3.5 million).  

That would delay the bill and send it back to the Senate.   It could possibly even kill the bill, depending on how Republicans react to the amendment.   But even if that happened, the "compromise" would probably just be revived in the new Congress next month and passed without amendment (since the Republicans will be in power in the House by then).

It looks like the rich and Republicans have won this round.   And we can expect a whole lot more of the same for at least the next two years.