GOP Cranks Up Class Warfare Again With Tax-Break Plans. Time For A Wealth Tax.
dailykos.com — That reek you may have caught a whiff of is the aroma of Republican congressional leaders eager to continue a 2010 estate-tax cut worth an average of $1.1 million for roughly 7,500 multi-million-dollar estates. At the same time, they don't want to extend a change that was part of the same 2010 budget deal. That change strengthened the Earned Income Tax Credit (EITC) and Child Tax Credit. Failure to extend the change now would affect 13 million working-class families, costing them from a few hundred dollars to $2,500 annually. The beneficiaries of this raw exercise in class warfare aren't hurting, to say the least. They are scions of the wealthiest Americans. Their immense wealth is built on growing inequality with which we've become all-too-familiar, most of us personally familiar. But, of course, even making mention of a wealth tax generates screams of "socialist."