In case you missed it, the far right wing Sen. Jim DeMint of South Carolina offered an amendment to the economic stimulus bill during all the sausage-making last week. Here’s what he proposed:
o Permanently repeal the alternative minimum tax once and for all;
o Permanently keep the capital gains and dividends taxes at 15 percent;
o Permanently kill the Death Tax for estates under $5 million, and cut the tax rate to 15 percent for those above;
o Permanently extend the $1,000-per-child tax credit;
o Permanently repeal the marriage tax penalty;
o Permanently simplify itemized deductions to include only home mortgage interest and charitable contributions.
o Lower top marginal income rates from 35 percent to 25 percent.
o Simplify the tax code to include only two other brackets, 15 and 10 percent.
o Lower corporate tax rate as well, from 35 percent to 25 percent.
In other words, take everything that was done during the Bush years and double down. Note that there’s not a single dime of spending, just tax cuts galore, which will surely come as a great relief to everyone who is currently unemployed and/or uninsured. Note also that this would mean not a dime for beleaguered states, who collectively face over $40 billion in budget shortfalls, which if left unaided (as things depressingly stand now, thanks to the “work” of such “moderates” as Ben Nelson and Susan Collins) will likely lead to massive cuts and layoffs of teachers, police officers, and the like. Including states like Texas, which we know is already gearing up for cutbacks.
That the Republicans have gone completely crazy, and have turned into a group of utter economic illiterates, is hardly surprising. But note that DeMint’s amendment got Yea votes from 36 of the 41 Republicans in the Senate. Among them is that supposed sensible moderate centrist Kay Bailey Hutchison, who is apparently unwilling to cede the wingnut vote in the GOP primary to Rick Perry. In a just world, a vote like this would be firmly wrapped around her neck, in a nonstop barrage of TV and radio ads, by her eventual Democratic opponent, assuming that she does in fact win her primary. If only such a person existed.
Expect her to make more votes like this between now and next March, by the way. Winning that primary is more important than representing Texas’ best interests. If, as she no doubt hopes, the election will essentially be decided by 600,000 or so voters who don’t really care that much about Texas’ best interests, what has she to lose by acting this way?