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Grand Oligarchic Party: What the estate-tax vote tells us about the Republicans
Have you heard the news? Republicans are worried about the rise of economic inequality. We know because they told us. The party wants to spread the word that it stands with ordinary Americans and has plans to help them to move up the economic ladder and enjoy the fruits of the American Dream.
You've heard it before, you're going to hear it over and over again as we head into the 2016 presidential election cycle, and it's utter nonsense.
How do we know? Well, for one thing there's the revival by both Ted Cruz and Rand Paul of a proposal for a horribly regressive flat tax. If Cruz and Paul are too far right for you, there's the tax plan of nominal centrist Marco Rubio, which both cuts income taxes on the wealthy and eliminates capital gains taxes altogether.
And then there's last week's vote in the Republican-controlled House of Representatives to eliminate the estate tax. (The bill passed 240-179, largely along party lines.)
The Democrats may embrace markets. They may not tax and regulate enough to please the left. But when it comes to finding ways to benefit the wealthy, they just can't compare to the Republicans. If you think that what America really needs is for the federal government to give the super-rich a big, wet, sloppy kiss, then the Grand Oligarchic Party is for you.
You've heard it before, you're going to hear it over and over again as we head into the 2016 presidential election cycle, and it's utter nonsense.
How do we know? Well, for one thing there's the revival by both Ted Cruz and Rand Paul of a proposal for a horribly regressive flat tax. If Cruz and Paul are too far right for you, there's the tax plan of nominal centrist Marco Rubio, which both cuts income taxes on the wealthy and eliminates capital gains taxes altogether.
And then there's last week's vote in the Republican-controlled House of Representatives to eliminate the estate tax. (The bill passed 240-179, largely along party lines.)
The Democrats may embrace markets. They may not tax and regulate enough to please the left. But when it comes to finding ways to benefit the wealthy, they just can't compare to the Republicans. If you think that what America really needs is for the federal government to give the super-rich a big, wet, sloppy kiss, then the Grand Oligarchic Party is for you.
Read More.