The great tax deal of 2010 seems to be moving forward. This is the "no income tax hikes for anyone, 35% estate tax" deal that has enraged the left. There was plenty of talk about how holding taxes steady would cost $zillion in tax revenue. But to be real about it, a tax hike during Great Depression 2.0 will make the depression deeper. Holding taxes steady might make the economy perk up. And the estate tax (death tax) is a killer of small business. When the small business owner dies, the small business is required to cough up incredible amounts of cash, which it does not have. So the business is liquidated to pay the estate tax.
What has not been discussed on TV is the pork attached to the bill. Ethanol tax credits, money for windmills, and extension of 50 strange tax loopholes. Essentially Obama got many of his pet spending projects, in return to agreeing to not hike taxes on anyone. I can only hope that the cost of Obama's earmarks isn't too bad. I have never seen anyone in the news business, not even Fox, comment on the cost of Obama's goodies.
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