John Kyl (R-Arkansas), who has a lot of odd policy views, and Blanche Lincoln (D-AR), who seems to really love the Walton family, have apparently introduced a bill to offer $249.5 billion worth of tax cuts to the inheritors of estates worth over $7 million. This is just abysmal public policy for reasons amply summarized by Ben Furnas and the Center on Budget and Policy Priorities. I’m actually a bit inclined to wonder if there are even any non-Waltons in Arkansas with estates this valuable. Note that $7 million is approximately 155 times the median household income of Arkansas.
I’m especially fake-surprised to see Senator Lincoln leading the charge for this, since she’s a charter member of Evan Bayh’s “practical caucus” which fake-believes that fiscal discipline is so important that it’s necessary to curtail progressive priorities. Apparently, deficit reduction is more important than affordable health insurance but less important than giveaways to multi-millionaires. Indeed, Lincoln’s alleged commitment to fiscal responsibility looks even more dubious in light of her support for the 2001 Bush tax cuts.