Leach Votes to Cut Estate Tax
By Jason Friedman
“Well, it looks like the House leadership is putting the reins on Jim Leach these days, despite the fact that its election season when he likes to remind of us of his moderate credentials. Leach voted yesterday for the Bill Thomas plan to gut the estate tax. Long an opponent of full repeal of the estate tax, Leach gave the repealers most of what they want. The bill exempts almost all estates from tax, slashes the tax rates on the rest and will cost at least $760 billion during its first full decade.
Another $600 billion would be added to the deficit along with an additional $160 billion in the interest on that borrowing, to be paid backby future generations so today's wealthiest families can get another Republican tax break.
Dave brought the staff together to talk about the bill and the vote.
“After thirty years in Congress, Leach has apparently decided it is more important to give millionaires a big tax break than it is to balance the budget, more important to heap more debt on the backs of middle-income families than it is to assure that our critical needs are met,” he told us.
Dave reminded us about Leach's deciding committee vote earlier this week against an amendment to force companies that seek government financing for exporting to pledge to hire American workers at “livable wages.” He noted that the amendment which failed 33-34 would have passed if Leach truly represented the interests of the working people of Iowa's 2nd District.
As the meeting broke up, a volunteer that overheard part of the conversation asked, “So, what are Leach's priorities for middle-income Iowans?” We looked at each other in complete silence.
We'll keep looking…..
Jason Friedman, Communications Director
Loebsack for Congress
385 E. College Street
Iowa City, IA 52240