Given the state of the Federal budget deficit, this just makes me sick (from Think Progress):

Sen. Jon Kyl (R-AZ) and Sen. Blanche Lincoln (D-AR) have a $250 billion proposal to cut estate taxes for the children of multi-millionaires even more than George W. Bush already did, and it’s attracting a disturbing amount of support.

Their $250 billion proposal would raise the estate tax exemption from $7 million to $10 million per-couple and lower the top rate from 45% to 35%.

How can it even be thinkable that cutting taxes for the ultra-rich, the top  .3% (that is the top 1/3 of 1 percent of taxpayers), is a wise idea given the fiscal mess we have at the Federal level.  As this pdf from the Office on Budget and Policy Priorities points out:

The estate tax “reform” proposal offered by Senator Jon Kyl, however, differs little from full repeal. Senator Kyl’s proposal, offered as an amendment to the Senate budget resolution, would increase the estate tax exemption to $10 million per couple and lower the top estate tax rate to 35 percent, with a lower rate applied to part of the value of an estate. Joint Tax Committee estimates suggest that this proposal would cost at least 77 percent as much as repeal.

And to make matters even worse for us here in Washington, both Cantwell and Murray were two of only ten Democrats who voted for this travesty of an amendment.  Where is the barf bag.

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