The Republican Party, every member of Congress in the Republican Party, voted against the COVID Relief Plan to help America and Americans just now during this, the most deadly international pandemic in the last more than 100 years. Do you know what they ARE working on and for just now, presently? They have the chutzpah to be working to pass a repeal of the estate tax. It would only benefit the top .1% of the already-wealthiest Americans.
Seriously.From an article at Truthout today:
The legislation was unveiled on Tuesday by Senators John Kennedy (R-Louisiana) and John Thune (R-South Dakota) and has been co-sponsored by 24 other Republican senators, or about half of all Senate Republicans, including Minority Leader Mitch McConnell (R-Kentucky), according to a Kennedy press release. Rep. Jason Smith (R-Missouri) has also introduced similar legislation in the House.
The federal estate tax’s current top rate is 40 percent, but thanks to exemptions that grow every year, an estate in 2021 would have to be worth $11.7 million for individuals and $23.4 million for married couples before the estate tax kicks in. The exemption was previously around $5 million but was doubled by then-President Donald Trump in 2018.
Because the threshold is so high, an estimated less than 0.1 percent of estate tax returns will pay the federal estate tax for 2020. In other words, Republicans are fighting for a repeal of a tax for the richest 0.1 percent of dead people. These people, these Republicans are not for you and me, America. Well, they aren't for you and me unless you're already wealthy, anyway. And they're blatant about it, too.
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