If the estate tax comes back in 2011 at the scheduled rate and exemptions, Democrats and Republicans will probably blame each other for the increase in taxes. A June 2, 2010 post by Jay Heflin, Grassley urges Reid to act on the estate tax (On the Money: The Hill’s Finance & Economy Blog), indicates that finger-pointing might have already begun:
Sen. Chuck Grassley (R-Iowa) on Wednesday urged Senate Majority Leader Harry Reid (D-Nev.) to act on making changes to estate tax law before it reverts back to pre-2001 levels in 2011.
The senator warned that no action would mean thousands of small business owners and farmers would be subjected to the tax.
"I hope that the Democratic leadership will soon reveal their hand so that those thousands of small businesses and farmers aren't hung out to dry," he told reporters. . . .
"It's difficult, particularly when Republicans with only 41 members, [don't] have much push to make the majority do such-and-such," he said.
Even though it seems that finger-pointing with regards to the estate tax may have started, it is probably just the way politicians talk to and about each other. For example, Senator Reid made comparable comments about republicans with regards to different proposed legislation:
Senate Majority Leader Harry Reid accused the Republican Party of "making love to Wall Street," as illustrated by moves to delay votes on amendments to the financial reform bill.
"They won't let us move on any amendments," he said, adding that "It's obvious that they do not want to put in decent restrictions" on the financial industry.
Reid suggested the GOP is stalling because "they are having difficulty determining how they're going to continue making love to Wall Street" by opposing regulation.
Brian Montopoli, Harry Reid: GOP "Making Love to Wall Street", CBS News, May 5, 2010.
It is interesting to note that Senator Reid “may have some tough competition in his 2010 bid for re-election, a new poll shows, in spite of -- or perhaps because of -- his high profile role as Senate Majority Leader.” Stephanie Condon, Sen. Reid Already in Battle for 2010 Reelection, CBS News, Aug. 24, 2009.
Cognizant of Senator Reid’s “tough competition,” the National Republican Senatorial Committee Communications Director Brian Walsh had this response to Senator Reed’s comments on the financial reform bill: "Considering Nevada's unemployment stands at 13%, Senator Reid would be well-advised to get his mind off sex and onto getting America's economy back on track." Montopoli, supra.
In some trades, people sound like they are yelling at each other when they are trying to agree on a price. In Washington, it seems that politicians prefer to shame each other into action.
(Special thanks to Michael Hepner, a benefits professional, for bringing to my attention the competition for Senator Reid’s seat.)
