Tuesday, June 20, 2006

All Politicians Are Liars

The chairman of the Ways and Means Committee, Bill Thomas, has submitted a compromise bill on estate tax reform that attempts to appease some Democratic opposition. Democrats have long opposed such reform on the grounds that it is just a tax cut for the rich.

So what is the proposal that will sway their opinion?

Mr. Thomas included incentives for the timber industry. The legislation includes a new 60% deduction for qualified timber capital gains.

Hmm, don’t like tax cuts for the rich but tax cuts for powerful special interests are OK. Way to fight for the little guy.

HatTip: Greg Mankiw

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