According to BNA Daily Tax, congressional conferees are drawing near to a final agreement on the fiscal 2010 budget resolution. I keep hoping for more sanity about tax cuts, but this "framework agreement" covering 2010 through 2014 includes more tax breaks for the wealthy that simply cannot be justified at this point in time. The unjustified tax breaks include $214 billion for unoffset AMT patches, $72 billion to extend the 2009 estate tax rules permanently when Congress should instead use this opportunity to institute a progressive estate tax, and $63 billion of "extender" provisions. Conrad says this will come to the floor on Thursday with debate possibly extending over Friday.
The populist anger in this country is certainly justified when Congress extends more tax breaks to the wealthy while we are leaking money in bailing out wealthy bankers, their creditors and their shareholders. Enough, already.
Recent Comments