August 01, 2006

House Roll Call Vote on Estate Tax

Another day, another irresponsible vote for unfunded estate tax cuts. Here is the final roll call vote from the combination estate tax-minimum wage bill that passed the House last week.

34 Dems voted for the tax cut; 21 Republicans voted against it.

Notable defectors:
Ohio Democratic gubernatorial candidate Ted Strickland, who voted for the estate tax cut;
Tennessee Democratic Senate candidate Harold Ford Jr, who also voted for it.
Republican House member Tom Tancredo, who apparently hates the minimum wage more than he hates the estate tax.

Interesting quotes from the July 28 House debate:
Estate tax opponent Deborah Price of Ohio, says that "more than 70 percent of family businesses and family farms don't even make it through the second generation, and 87 percent don’t make it to the third" (possibly true) and that this is because of the "crippling" estate tax (not possibly true).
Ric Keller of Florida, also an estate tax opponent, asserts that "one-third of family-owned businesses are forced to liquidate because of the death tax," (see previous quote; at least these guys are all working from the same talking points) and that "the money [being taxed under the estate tax] has been tax once at the income level." (demonstrably not true for much of the assets subject to estate tax).
Zach Wamp of Tennessee (ditto), crows to House Democrats that "you have seen us really outfox you on this issue tonight. That is what we are doing today, is bringing a very crafty, smart, good-for-America, good-for-the-economy package and stil allow the minimum wage to go up."

Does anyone have any idea what study these guys are referring to to get this "1.3 of small businesses" statistic?


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