Temporarily cutting taxes on the children of multi-millionaires would have a minor stimulative effect. But it’s not well-targeted, and the effort to reduce taxes on the kids of multi-millionaires is about permanent tax cuts anyway, which don’t stimulate anything. Yet the very same Senators who said deficit concerns wouldn’t allow them to vote for targeted job creation tend to support budget-busting giveaways to the kids of the very rich. Debbie Stabenow vented a bit about this yesterday, specifically targeting Senator George LeMieux:
I note that Senator LeMieux’s indifference to the unemployed is particularly hard to understand. You can chalk some of the congressional politics of stimulus up to regional variations in the labor market, but Florida is one of the highest-unemployment states. His constituents are in desperate need of help.